Nat Gas (UNG) Seeing Upside Amid Mixed Forecast
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United States Natural Gas (NYSE: UNG) is surging higher this afternoon. The ETF is currently 3.6% better, but has been as high as $5.40 on the day.
April 11 contracts are up $0.118/mmBtu to $3.99/mmBtu on the day.
Word is that the move might lead to a larger short squeeze next week. The ETF is still down from highs over $6.00 since the start of February.
Cooler temps on the West coast should be offset by better-than-average temps in the Southeast.
The ETF fell yesteday after EIA data showed a smaller-than-average draw for the prior week.
April 11 contracts are up $0.118/mmBtu to $3.99/mmBtu on the day.
Word is that the move might lead to a larger short squeeze next week. The ETF is still down from highs over $6.00 since the start of February.
Cooler temps on the West coast should be offset by better-than-average temps in the Southeast.
The ETF fell yesteday after EIA data showed a smaller-than-average draw for the prior week.
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