Natural Gas Futures Rip Higher
July Natural Gas futures are trading higher by $0.019 at $2.40 per cubic foot in Thursday's session. The recent cancellation of fossil fuel projects may be fueling the rally.
The contract is having its biggest three-day move to the upside since it made a similar move in mid-April. In five sessions, it rallied from its April 18 low ($2.081) to an intra-day high of $2.427 on April 25.
The recent rally emanated from its May 27 low ($2.101) to $2.413 in today's session.
The VelocityShares 3X Long Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (NYSE: UGAZ) is higher by $0.61 at $29.07. The high so far in today's session ($29.50) has come up shy of its April 22 at $31.97.
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