Natural Gas ETFs Lose Fuel

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Natural gas ETFs were prominent losers in Thursday’s trading as stock markets pared early gains. The United States Natural Gas Fund(UNG) shed 4.8% after data showed natural gas reserves grew more than expected and natural gas prices headed lower in response. The iPath Dow Jones UBS Natural Gas Fund(GAZ) also lost close to 5%.

Oil headed higher to more than $75 after crude oil inventory data showed inventories declined by 5 million barrels. That helped push the United States Oil Fund(USO) higher.

Retail ETFs traded flat to marginally lower after the release of June retail sales numbers showed that retailers were resorting to deep discounting to drive sales.

China’s move to remove rebates on exports of certain steel products failed to spur steel and industrial metal ETFs, which were trading flat.

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Gas | July 8, 2010

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