Exchange traded products designed to reflect the performance of natural-gas futures were showing a disparity in daily returns Friday.

The iPath Dow Jones-UBS Natural Gas Total Return Subindex ETN (NYSEArca: GAZ) was up more than 4% at Friday’s closing bell.

Meanwhile, U.S. Natural Gas Fund (NYSEArca: UNG) was fractionally lower. Natural-gas futures were also slightly down.

GAZ is an exchange traded note, while UNG is an exchange traded fund (ETF).

Barclays in 2009 suspended the further issuance of GAZ, which it said could cause fluctuations in trading value, influenced by supply and demand in the secondary market. Essentially, it warned the ETN could trade at a premium or discount to indicative value.

Natural-gas prices have traded lower with forecasts of milder weather hitting the commodity this week.

For full disclosure, Tom Lydon’s clients own UNG.

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.