United States Natural Gas ETF Surges On Strong EIA Data

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May 11, 2017 12:35pm NYSE:UNG

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The United States Natural Gas Fund, LP (NYSE:UNG) was on the rise Thursday, after EIA data indicated a smaller-than-expected inventory build-up.

The Energy Information Administration (EIA) recorded a build of 45 Billion Cubic feet (Bcf) for the week ending May 5th. That build was lower than the 67 Bcf recorded last week, and also significantly below Wall Street’s consensus estimate for a build of approximately 52 Bcf.

June natural gas futures rallied sharply higher as a result, hitting $3.37 per MMBtu in the late morning hours.

In other energy news, oil prices have seen some follow-through from yesterday’s big bounce. With U.S. crude inventories sitting around 522.5 million barrels of oil, America’s storage levels have rescinded to a level last seen back in February.

June crude oil futures were up $.70 (or +1.5%) at $48.03 per barrel as they approached the afternoon. The largest crude oil-linked ETF, United States Oil Fund LP ETF (NYSE:USO), was up 1% itself as a result.

Meanwhile, the United States Natural Gas Fund, LP (NYSE:UNG) was trading at $7.82 per share on Thursday afternoon, up $0.25 (+3.30%). Year-to-date, UNG has declined -16.27%, versus a 6.83% rise in the benchmark S&P 500 index during the same period.

UNG currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #44 of 127 ETFs in the Commodity ETFs category.

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