U.S. Natural Gas Fund (NYSEArca: UNG) traded higher Thursday although the ETF pared its advance following a report that inventories rose in the latest week.
The natural gas fund climbed for the third straight day as the 50-day moving average crosses above the 200-day to form a so-called bullish golden cross.
The Energy Department on Thursday said natural gas stockpiles rose by 80 billion cubic feet in the latest week, more than analysts had expected.
“With mild temperatures ahead, we’re going to see considerable increases in stocks of natural gas,” said Gordy Elliott, a risk-management specialist at FC Stone, in a Bloomberg report.