Exchange traded funds (ETFs) tracking natural-gas futures fell Wednesday afternoon on forecasts of milder weather.
Natural-gas futures were down for the fourth day in a row, Dow Jones Newswires reported.
“The weather is not supportive of increasing prices, much less sustaining prices, and supply is a huge fundamental weight on the market,” Jay Levine, head of an energy brokerage, told Bloomberg. “People feel that there’s a dark cloud over natural gas that’s not going to dissipate.”
The iPath Dow Jones-UBS Natural Gas Subindex Total Return ETN (NYSEArca: GAZ) was down nearly 4% at last check while U.S. Natural Gas Fund (NYSEArca: UNG) also traded lower.
For full disclosure, Tom Lydon’s clients own UNG.
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