U.S. Natural Gas Fund (NYSEArca: UNG) and other ETFs tracking the commodity were down 4% on Thursday after a report showing weekly supply declined less than analysts had forecast.

Natural gas prices fell to the lowest level in over a month after the Energy Information Administration said U.S. inventories dropped by 157 billion cubic feet in the latest week.

“The data was obviously a bearish surprise,” said Brad Florer, a trader at Kottke Associates, in a Bloomberg story. “Reports like this keep storage at levels that are likely to keep downward pressure on the market.”

UNG, the natural gas ETF, has been trending lower since the fall of 2012. The fund is off about 19% the past three months, including Thursday’s sell-off.

“Some early cold in November notwithstanding, winter weather just hasn’t played out in the bulls’ favor,” added Katherine Spector, a commodities strategist at CIBC World Markets, in the Bloomberg article. “It’s late in the game for a truly bullish end-season storage scenario to materialize.” [Natural Gas ETF Tumbles on Warmer Weather Forecasts]

Leveraged and inverse ETFs for natural gas seeing big moves on Thursday included VelocityShares 3x Inverse Natural Gas (NYSEArca: DGAZ), ProShares UltraShort DJ-UBS Natural Gas (NYSEArca: KOLD), VelocityShares 3x Long Natural Gas (NYSEArca: UGAZ) and ProShares Ultra DJ-UBS Natural Gas (NYSEArca: BOIL).

U.S. Natural Gas Fund

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