The United States Natural Gas Fund (NYSEArca: UNG) is easy to spot on ETF heatmap on Wednesday. UNG is one of the few slivers of green in a sea of red.
The high-flying fund, which tracks natural gas futures, is up almost 10% in late trading on volume that s nearly five times the daily average. President Obama’s State of the Union address Tuesday night is one catalyst lifting UNG.
“The all-of-the-above energy strategy I announced a few years ago is working, and today, America is closer to energy independence than we’ve been in decades. One of the reasons why is natural gas, if extracted safely, it’s the bridge fuel that can power our economy with less of the carbon pollution that causes climate change,” said Obama.
Frigid temperatures across the Northeast are again bolstering gas prices, acting as another catalyst for UNG. The Southeast is also uncommonly cold, as highlighted by The Weather Channel.
Now up more than 22% in the past month, UNG could be poised for even more upside.