U.S. Natural Gas Fund (UNG) on Tuesday traded lower for the six straight day as the ETF fell below its 50-day moving average.
Meteorologists predicted moderating weather that would boost natural-gas stockpile gains, Bloomberg reports.
“The weather is clearly not supportive of prices,” said Addison Armstrong at Tradition Energy, in the article.
“Once we get past this week, we’re looking at an increasing pace of storage injections,” Armstrong said.
UNG is designed to replicate the performance of natural gas futures. It may lag the spot price over time.
The ETF is slumping after a failed test of its 200-day moving average. [Natural Gas ETF Cools After Inventory Data]
U.S. Natural Gas Fund
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