UNG Rallies on Nat Gas Inventory Data

Published on Thursday, 03 June 2010 14:01 Written by Danny Miller

New York, June 3^rd (TradersHuddle.com) – The U.S. Natural Gas Fund (NYSE:UNG) jumped 5.15% to $7.94, following 5% rally.

The exchange-traded fund, which invests in natural-gas futures, is leading all of the actively traded funds. The ETF rose as high as $7.95 on Thursday, its highest level since March.

UNG is rallying following Natural Gas prices moving higher after a report showed stockpiles increased less than expected last week.

The Energy Department's Energy Information Administration said in its weekly report that natural gas inventories held in underground storage in the lower 48 states expanded by 88 billion cubic feet to 2.357 trillion cubic feet for the week ended May 28. Analysts expected an increase of 90 billion to 94 billion cubic feet.

UNG’s move higher is coming with higher than average volume. So far in the session, 32.49 million shares have been traded versus the 90day average daily volume of 27.69 million shares.

UNG’s 52 week low is $6.72 and its 52-week high is $16.26.