Weekly natural gas report shows a bigger-than-expected decline in supplies

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February 21, 2019 1:20pm NYSE:UNG

natural gas

From Myra P. Saefong: The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas fell by 177 billion cubic feet for the week ended Feb. 15. That was bigger than the 165 billion cubic foot decline forecasted by analysts polled by S&P Global Platts. Total stocks now stand at 1.705 trillion cubic feet, down 73 billion cubic feet from a year ago and 362 billion below the five-year average, the government said. March natural gas NGH19, +1.90% traded at $2.689 per million British thermal units, up 5.3 cents, or 2%, from Wednesday’s settlement. It was at $2.669 before the supply data.

The United States Natural Gas Fund L.P. (UNG) was trading at $23.86 per share on Thursday afternoon, up $0.28 (+1.19%). Year-to-date, UNG has gained 2.32%, versus a 4.57% 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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