Skeptics Pounce on Nat-gas as Bulls Retrench
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Natural gas futures, traded actively through ETF United States Natural Gas (NYSE: UNG), are down in early trading on Monday, as skeptics come out of the woodwork after a month long rally in the commodity. Forecasts of warmer short-term weather and fears of demand destruction around the $2.80-$3 level are a few reasons why the commodity is coming under pressure today. Profit taking is also adding to the downside.
The bull case for natural gas is founded on the longer term idea that natural gas will take coal's place as a source of energy in the U.S., as more utilities take advantage of the low prices by adding nat-gas generators. Also, producers are pulling back on production.
The bull case for natural gas is founded on the longer term idea that natural gas will take coal's place as a source of energy in the U.S., as more utilities take advantage of the low prices by adding nat-gas generators. Also, producers are pulling back on production.
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