“We…expect continued gas shut-ins in North America of around 9,000 BOE [barrels of oil equivalent]per day due to low gas prices,” Conoco Chief Financial Officer Jeff Sheets told analysts in an earnings conference call. “We continue to evaluate this for further shut-in.”
In line with its previous opposite movements with the UNG fund, the natural gas exchange traded note, iPath DJ-UBS Natural Gas TR Sub-Idx ETN (NYSEArca: GAZ), was down 1.8% Monday. It should be noted that the ETN has stopped new share issuance, which makes the fund essentially trade as a close-end fund with a premium of 101.8%.
U.S. Natural Gas Fund
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Max Chen contributed to this article.