Nat-Gas (UNG) Rebounds, Testing Highs
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The price of natural gas futures, traded through ETF United States Natural Gas (NYSE: UNG), are rebounding in early trading on Friday. Inventory data came in below consensus yesterday at 61 bcf vs 52 bcf, and the price of natural gas took at hit immediately following the news. But since then it has rebounded and is currently testing highs just under $2.70.
Analysts are becoming increasingly bullish on Nat-gas, especially considering the historically low prices. Given the recent price action that has the commodity at monthly highs, traders are also growing more bullish.
Analysts are becoming increasingly bullish on Nat-gas, especially considering the historically low prices. Given the recent price action that has the commodity at monthly highs, traders are also growing more bullish.
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