Traders Negative on Natural Gas
Symbols: UNG
I have been waxing poetic about being short Natural Gas, played through the United States Natural Gas Fund (NYSE: UNG), for weeks and with good reason; the ETF has exploded lower, the fundamentals and technicals are dramatically bad for the commodity, and traders continue to make bearish plays. Today is no different; I am seeing the April $8 put being purchased on the offer over 2,600 times for $0.27.
The EIA Natural Gas Inventory report is scheduled to come out in less than 5 minutes from now. Looks like traders are builder a bear thesis ahead of it. I would be long puts in the United States Natural Gas Fund.
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