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Natural Gas ETF (UNG) Hits a 52-Week High
The United States Natural Gas ETF (UNG - Free Report) is probably a suitable pick for investors looking for momentum. UNG has hit a 52-week high and is up 184.9% from its 52-week low price of $11.69/share.
Let’s take a look at UNG and its near-term outlook to gauge where it might be headed.
UNG in Focus
The Natural Gas Price Index is the futures contract on natural gas as traded on the NYMEX. It charges an expense ratio of 1.11%.
Why the Move?
European natural gas prices continue to increase and are now 10 times the usual amount for this time of year, Bloomberg data shows, as quoted on businessinsider.in. A severe heat wave in Europe has been pushing up demand for electricity recently, thereby raising gas prices.
More Gains Ahead?
It seems like UNG will remain strong, with a positive weighted alpha of 149.44, which gives cues of a further rally.