“The main market driver is this heat and increased cooling needs in the coming weeks,” said Gene McGillia at Tradition Energy, in the report. “Prices have some momentum but we’ll need to see six weeks of these kinds of temperatures to push gas above $3.”
UNG, the natural gas fund, is still down about 26% year to date despite the quick bounce in April and May. The ETF invests in natural gas futures contracts that are continually “rolled,” so it won’t track the spot price. [ETFs for a Natural Gas Rebound]
U.S. Natural Gas Fund
