The natural gas focused exchange traded fund (ETF) is still awaiting regulatory approval to issue new shares, which is creating a bit of a domino effect with natural gas prices.

Since the United States Natural Gas (UNG) fund hasn’t been able to buy new futures contracts, it’s been weighing on the price of natural gas, reports Carolyn Cui for The Wall Street Journal. On Wednesday, prices dropped 4.3%. Another contributing factor: a rash of supplies. As of July 3, inventories were 27.4% higher than they were one year ago, mostly because of falling industrial activity and lower air conditioning use in the Northeast.

While the delay may be frustrating, regulators are clearly taking their time before handing down any go-ahead. John Hyland, chief investment officer for UNG, says that they haven’t seen any evidence that the regulatory review is above and beyond what they normally do.

The review includes multiple agencies and can take as long as six weeks. UNG filed for more shares on June 5.

• United States Natural Gas (UNG): down 47% year-to-date

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Tags: Commodity ETFs, Energy, ETF Trends in the Press, Natural Gas, UNG