Natural Gas Swoons on Inventory Data (UNG)
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United States Natural Gas Fund, LP (NYSE: UNG) is trading lower by 4.58 percent intraday on Thursday. The dramatic selloff came in response to inventory data in the U.S. which showed stock piles rose to 47 bcf vs. estimates of 40 bcf. While the build is still below the 5-year average, larger than average total inventory makes natural gas highly sensitive to weekly data.
Besides inventory, traders are also following developments off the coast of Florida, where tropical storm Isaac is brewing. Production of natural gas in the gulf is not as import as it was a few years ago, but major shut-ins could certainly have an effect on natural gas prices.
After briefly touching 22, United States Natural Gas Fund, LP (NYSE: UNG) has declined 10 percent in the past 30 days.
Besides inventory, traders are also following developments off the coast of Florida, where tropical storm Isaac is brewing. Production of natural gas in the gulf is not as import as it was a few years ago, but major shut-ins could certainly have an effect on natural gas prices.
After briefly touching 22, United States Natural Gas Fund, LP (NYSE: UNG) has declined 10 percent in the past 30 days.
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