About half of all U.S. households utilize natural gas as the primary heating source.
Due to the prolonged cold weather, utilities used a record 287 billion cubic feet of natural gas from storage in the week ended Jan. 10. Natural gas storage is at 2.53 trillion cubic feet, or 15% below the five-year average for the same period.
The equity-based First Trust ISE-Revere Natural Gas Index Fund (NYSEArca: FCG) also strengthened, rising 2.1% Tuesday. FCG is up 21.2% over the past year. The ETF has been trading in relatively sideways action over the last three months, but the fund is trying to break out of range after a recent 3.4% bump over the past week.
U.S. Natural Gas Fund
For more information on natural gas, visit our natural gas category.
Max Chen contributed to this article.