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.