Rising inventory levels are weighing on natural gas exchange traded funds, but a growing tropical system in the Gulf and colder weather over central U.S. helped curb losses.
The United States Natural Gas Fund (NYSEArca: UNG) was 0.4% lower Thursday. UNG is down 3.6% year-to-date.
Natural gas futures were down 0.1% Thursday, trading around $3.54 per million British thermal units.
According to the U.S. Energy Information Administration, natural gas stockpiles for the week ended Sept. 27 rose 101 billion cubic feet , above market expectations of an increase in the mid-90 bcf range.
In comparison, inventories rose 77 bcf in the same week year-over-year, and the five-year average for the week was a 82 bcf injection.
U.S. natural gas stores now stand at 3.487 trillion cubic feet, or 155 bcf less year-over-year, but 49 bcf above its five-year average.