Natural gas was one of the standout performers in a very ugly market today, specifically the U.S. Natural Gas Fund ETF (UNG), which rose 17 cents, or 2%, to $8.18 amidst the Dow’s 324-point drop.
Bloomberg’s Moming Zhou notes that natural gas futures rose to a 14-week high, up 11 cents, or 2.3%, at $4.797 per million British thermal units, for the biggest weekly gain of the year, on forecasts for a hot, hot summer and above-average demand for gas for power.
By comparison, July contracts for light sweet crude oil fell $3.52 to $71.09 per barrel, and the U.S. Oil Fund ETF (USO) fell $1.58, or 4.6%, to $32.68.
source: Barron's Blog
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment