Why natural gas futures opened sharply lower today

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March 25, 2019 1:33pm NYSE:UNG

NYSE:UNG | News, Ratings, and Charts

From James Hyerczyk:

Natural gas futures opened sharply lower on Monday and the subsequent selling pressure drove the market through the previous session’s low, reaffirming the downtrend on the daily chart. However, the move took the market into a technical support zone and the selling pressure subsided at $2.726.

The early price action highlights one of the factors that could influence the direction of the market this week. With the start of injection season about two weeks away, and weather bouncing between cold and mild, traders may just decide to hold it in a range, which means we could see a choppy two-sided trade.

At 10:36 GMT, May natural gas futures are trading $2.762, down $0.005 or -0.21%.

The United States Natural Gas Fund L.P. (UNG) was trading at $24.31 per share on Monday afternoon, down $0.10 (-0.41%). Year-to-date, UNG has gained 4.25%, versus a 4.89% 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 Yahoo! Finance.

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