Nat Gas Rises as Chilly Weather Keeps Stockpiles Low (UNG)
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United States Natural Gas Fund, LP (NYSE: UNG) is popping Thursday following data from the U.S. Energy Information Administration (EIA) showing a lower-than-expected increase in stockpiles last week.
Latest information pointed to a 31 billion cubic feet (bcf) increase in inventory, versus expectations calling for a 34 bcf rise.
May contracts, the most actively traded, are up $0.174 to $4.388 per mmBtu on the Comex.
Total nat gas storage is at 1.704 trillion cubic feet as of last week. The number is down 794 billion cubic feet over the same period last year and 74 billion cubic feet below the trailing five-year average.
Shares of the nat gas ETF are up over 4 percent on the session.
Latest information pointed to a 31 billion cubic feet (bcf) increase in inventory, versus expectations calling for a 34 bcf rise.
May contracts, the most actively traded, are up $0.174 to $4.388 per mmBtu on the Comex.
Total nat gas storage is at 1.704 trillion cubic feet as of last week. The number is down 794 billion cubic feet over the same period last year and 74 billion cubic feet below the trailing five-year average.
Shares of the nat gas ETF are up over 4 percent on the session.
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