Gas prices have been moving higher on the hotter-than-normal weather across the U.S. as utilities companies burned the fuel to meet electricity demand, Fox Business reports. Looking ahead, traders are watching out for the summer heat.
Nevertheless, natural gas stockpiles rose to 89 billion cubic feet in the week ended May 17, but it was below historical averages for the week.
The Market Vectors Uranium & Nuclear Energy ETF (NYSEArca: NLR) gained 2.2% over the past week and increased 5.4% year-to-date. [ETFs for a Revival in Nuclear Energy]
The nuclear industry took a severe blow after the catastrophe in Japan, but the International Atomic Energy agency believes that “the Fukushima Daiichi accident is expected to slow or delay the growth of nuclear power, but not reverse it,” according to Money Morning. The IAEA projects growth of between 23% and 100% in nuclear power capacity by 2030, with the major activity in the emerging markets.
For more information on the alternative energy sector, visit our alternative energy category.
Max Chen contributed to this article.