U.S. Gasoline Fund (NYSEArca: UGA) is up more than 5% this week after average gas prices fell below $3.50 a gallon to the lowest level in five months.
Oil and gasoline ETFs were up for the third straight session on Wednesday with investors keeping a close eye on the protests in Egypt. “Time appeared to be running out Wednesday for Egyptian President Mohamed Morsy as a deadline passed on a military ultimatum, CNN reports.
UGA and U.S. Oil Fund (NYSEArca: USO) were both up over 2% in morning trade. The ETFs are designed to invest in futures contracts.
Market Vectors Egypt Index ETF (NYSEArca: EGPT) rose for the fifth straight day despite the crisis.
“It’s totally Egypt today,” said Andrew Lebow, a senior vice president at Jefferies Bache, in a Bloomberg report. “When you set a time deadline, it really raises the anxiety level. We’re all watching. If they closed Suez, it would be a major disruption.”