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Natural Gas ETF (UNG) Hits New 52-Week High
United States Natural Gas ETF (UNG - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 95.5% from its 52-week low price of $12.35/share.
Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.
UNG in Focus
The underlying Natural Gas Price Index is the futures contract on natural gas as traded on the NYMEX. The product charges 101 bps in annual fees.
Why the Move?
U.S. natural gas futures surged lately, thanks to record LNG export flows and stronger demand projections. LNG exports have increased at the start of March, following a new record of 15.6 bcfd in February, supported by additional capacity at Venture Global’s Plaquemines plant.
More Gains Ahead?
The ETF UNG might continue its strong performance in the near term, with a positive weighted alpha of 64.73, which gives cues of a further rally.