IEA believes supplies outside of OPEC will dip next year by the most since 1992 as cheap crude helps price out costlier producers, such as the U.S. shale oil industry.
Ross also “noted that the decline in gas prices has yet to factor into the overall economy, which many analysts predicted it would. He pointed out that retail and dining stocks, which should presumably do well when the price of gas is low, have performed poorly this year,” reports CNBC.
UGA is down 19.6% this year and resides 17.4% below its 200-day moving average, a level the fund has not closed above since July.
United States Gasoline Fund