The premium in a natural gas exchange traded note is rising again, putting investors in the ETN at risk to potential losses unrelated to the movement of natural gas prices.

The iPath Dow Jones-UBS Natural Gas ETN (NYSEArca: GAZ) was trading at a premium of about 92% to indicative value on Monday afternoon.

The ETN tumbled two weeks ago as its massive premium declined to 46% to indicative value at one point on March 23. [Natural Gas ETN Tumbles as Premium Unwinds]

However, the premium has been building again the past few days. GAZ is up 15.4% since March 29, even though the benchmark rose only 1%, Bloomberg News reported Monday.

Barclays, the issuer for GAZ, suspended new share issuance in 2009. The move created the potential for the ETN to trade at a premium or discount to indicative value based on demand, like a closed-end fund. [Focus Turns to Natural Gas ETN Premium After TVIX Crash]

The premium in GAZ has been rising again after touching a low on March 27 with investors looking for a recovery in natural gas prices.

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