Natural Gas prices slide after weekly EIA report shows a smaller-than-expected weekly fall in supply

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January 31, 2019 11:34am NYSE:UNG

Natural Gas

From Myra P. Saefong: The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas fell by 173 billion cubic feet for the week ended Jan. 25. Analysts polled by S&P Global Platts had forecast a decline of 197 billion cubic feet, while the average over the last five years for the same week was a fall of 150 billion. Total stocks now stand at 2.197 trillion cubic feet, down 14 billion cubic feet from a year ago, but 328 billion below the five-year average, the government said. March natural gas NGH19, -0.88% traded at $2.827 per million British thermal units, down 2.7 cents, or 1%, from Wednesday’s settlement. It was at $2.856 before the supply data.

The United States Natural Gas Fund L.P. (UNG) was trading at $25.20 per share on Thursday morning, down $0.36 (-1.41%). Year-to-date, UNG has gained 8.06%, versus a 1.25% 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 #52 of 108 ETFs in the Commodity ETFs category.

This article is brought to you courtesy of MarketWatch.

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