ProShares UltraShort Bloomberg Natural Gas (ARCA: KOLD)

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The fund seeks to meet their investment objectives by investing in Natural Gas futures contracts. It may also invest in swaps if the market for a specific futures contract experiences emergencies (e.g., natural disaster, terrorist attack, or an act of God) or disruptions (e.g., a trading halt or a flash crash) or in situations where the Sponsor deems it impractical or inadvisable to buy or sell futures contracts (such as during periods of market volatility or illiquidity).

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Islamic State attacks halted the pipeline&#39;s operations in 2014 which was responsible for about 0.5% of the world&#39;s oil supply. 

Iraq To Resume Oil Exports To Turkey Via Pipeline Shuttered A Decade Ago Amid Kurdish Negotiation Deadlock

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Croft added that Iran has the potential to repeat its playbook from 2019 when it allegedly attacked oil tankers in the Strait of Hormuz, a critical waterway for oil import and export. 

Analyst Warns Of &#39;Serious Escalatory Tit-For-Tat Cycle&#39; If Iran Strikes Back, Raising Fears Of &#39;Wider War&#39; In Middle East

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European investigators probing the Nord Stream natural gas pipeline sabotage say that the Polish officials have been slow to share information and have withheld key evidence related to the movements of alleged 

Nord Stream Sabotage Investigation: Polish Authorities&#39; Accused Of Lack of Transparency

In a significant development in the energy sector, Iraq is set to reactivate a previously dormant pipeline to Turkey, which could substantially impact regional oil exports and negotiations.
What Happened: Iraq is reviving a pipeline to Turkey, potentially exporting 350,000 barrels per day by month&#8217;s end, Reuters reported on Sunday. This move comes amid stalled negotiations with the Kurdistan Regional Government (KRG).
The Kirkuk-Ceyhan pipeline, inactive for a decade, offers an alternative to the KRG&#8217;s pipeline, which has been closed for a year. Baghdad views the KRG&#8217;s oil deals with foreign companies as illegal and demands that companies negotiate with the federal government for oil sales through the revived pipeline.
Islamic State attacks halted the pipeline&#8217;s operations in 2014. It was responsible for about 0.5% of the world&#8217;s oil supply. 
&#8220;Major crude pumping station with storage facilities has been completed,&#8221; said Basim Mohammed,  Iraqi deputy oil minister for upstream affairs, indicating the pipeline&#8217;s readiness to restart flows soon.
After an arbitration court ruling last year, the KRG&#8217;s pipeline was shut down, citing treaty violations. Discussions to reopen it have been complicated by conflicting demands from Turkey, the KRG, and the federal government.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38104437/bitcoin-ethereum-dogecoin-surge-despite-hawkish-remarks-from-fed-president-analysts-predic?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Surge Despite Hawkish Remarks From Fed President—Analysts Predict King Could Now Go Vertical With Several Critical Indicators In Alignment</a>
Despite the friction, the Kurds and Baghdad rely on each other politically and economically. Kurdish oil exports typically pass through a pipeline to Turkey. Early tests on the pipeline within Iraq revealed leaks, prompting accelerated repair efforts.
The current Iraq-Turkey oil pipeline agreement is set to expire in mid-2025, and the resumption of the old pipeline&#8217;s operations will be a key topic in the extension talks, according to a government energy adviser.
Why It Matters: As the global oil market grapples with tight supply and rising demand, the reactivation of the Kirkuk-Ceyhan pipeline by Iraq could have significant implications. Earlier this month, oil prices were <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38073267/crude-prices-could-hit-95-this-summer-oil-is-fighting-the-fed-again">expected to potentially hit $95 per barrel</a> this summer due to these market conditions, coupled with ongoing geopolitical tensions.
Moreover, the reestablishment of this route could alter the dynamics of regional oil politics, as Baghdad asserts its authority over oil exports, challenging the KRG&#8217;s independent oil deals.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38107547/hertzs-mega-tesla-gamble-backfired-due-to-sky-high-repair-costs-unusually-high-accident-rates-an?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hertz&#8217;s Mega Tesla Gamble Backfired Due To Sky-High Repair Costs, Unusually High Accident Rates And Customers&#8217; Charging Anxiety, Report Reveals</a>
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Amid rising tensions in the Middle East, Helima Croft predicts &#8220;serious Iranian retaliation&#8221; that could lead to broader regional conflict.
What Happened: On Thursday, Croft, an analyst at RBC Capital Markets, expressed concerns over the potential repercussions of the recent escalation in the Middle East.
During CNBC &#8220;Last Call,&#8221; Croft warned, &#8220;We are bracing for serious Iranian retaliation.&#8221;
&#8220;You could see a serious escalatory tit-for-tat cycle that leads to a wider war in the region.&#8221;
Croft added that Iran has the potential to repeat its playbook from 2019 when it allegedly attacked oil tankers in the Strait of Hormuz, a critical waterway for oil import and export. She expressed that Iran only needs to launch attacks on a few oil tankers to push the oil prices higher. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"We are bracing for serious Iranian retaliation," says <a href="https://twitter.com/CroftHelima?ref_src=twsrc%5Etfw">@CroftHelima</a> as geopolitical tensions in the Middle East impact markets. "You could see a serious escalatory tit-for-tat cycle that leads to a wider war in the region." <a href="https://t.co/JusnMdXQ81">pic.twitter.com/JusnMdXQ81</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1776026486765424854?ref_src=twsrc%5Etfw">April 4, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38062930/ross-gerber-blames-elon-musks-toxic-behavior-for-ev-makers-crappy-q1-sales-calls-fo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;He Can't Even Tell He's An Idiot:&#8217; Elon Musk Furious As Ross Gerber Accuses Tesla CEO&#8217;s &#8216;Toxic&#8217; Behavior</a>
Why It Matters: The assassination of a top Iranian general by Israel has <a href="https://www.benzinga.com/24/04/38049998/israel-kills-top-iranian-general-oil-rises-not-great-for-stock-markets-no-inflation-story">led to a spike in oil prices</a> and is negatively affecting stock markets as investors worry about the potential for inflation. This event has heightened concerns of a broader conflict, which could have far-reaching consequences for global markets. The situation is particularly tense as Iran has vowed revenge against Israel, causing Israeli-related stocks and exchange-traded funds (ETFs) to suffer due to investor apprehension.
While large tech companies seem to be weathering the storm, the broader <a href="https://www.benzinga.com/markets/asia/24/04/38099623/irans-revenge-promise-against-israel-is-taking-down-its-stock-market-but-large-tech-companies-appear">Israeli market is facing downward pressure </a>as the threat of Iranian retaliation looms over the region.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38039504/solana-founder-announces-new-coin-as-april-fools-prank-and-a-mimic-token-surfaces-soaring-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Solana Founder Announces New Coin As April Fools&#8217; Prank—And A Mimic Token Surfaces, Soaring 4000%</a>
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Analyst Warns Of 'Serious Escalatory Tit-For-Tat Cycle' If Iran Strikes Back, Raising Fears Of 'Wider War' In Middle East

European investigators probing the Nord Stream natural gas pipeline sabotage say that the Polish officials have been slow to share information and have withheld key evidence related to the movements of alleged&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/02/30840477/nord-stream-blast-european-investigators-trying-to-cover-up-says-russia" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">saboteurs on Polish soil</a>.
Officials investigating the attack, which occurred in&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/09/29046190/watch-nord-stream-leaks-cause-1-kilometer-of-gas-bubbles-in-the-baltic-sea" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">September 2022</a>, suspect the involvement of a Ukrainian crew, potentially operating through Poland.&nbsp;
However, the lack of complete cooperation from Polish authorities has hindered efforts to ascertain whether the attack had any connection with the former Polish government.
With a new government in office since December, senior European officials are considering contacting&nbsp;Donald Tusk, Poland&#39;s new prime minister, hoping for improved collaboration.
While investigators haven&#39;t directly linked the Polish government to the explosions, their obstruction has fueled suspicions, the Wall Street Journal&nbsp;<a class="editor-rtfLink" href="https://www.wsj.com/world/europe/nord-stream-probe-faces-resistance-from-poland-962aa5f9?mod=latest_headlines" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">noted</a>.&nbsp;
Most Western security officials believe a Ukrainian crew was involved, although both Ukraine and Russia have&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/02/30937747/russia-slams-us-for-nord-stream-pipelines-destruction-demands-proof-of-non-involvement" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">denied any participation</a>.
Citing European officials, the WSJ reported that while prosecutors and the border guard in Poland cooperated during the investigation, representatives from the internal security agency ABW and other branches avoided answering questions, provided confusing information, or gave conflicting details regarding the case.
The investigation revealed that a leisure yacht named Andromeda, with a crew suspected of involvement, made stops in several countries, including Poland.&nbsp;
However, Polish authorities delayed sharing vital information until pressed by German counterparts, creating further skepticism.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons

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Nord Stream Sabotage Investigation: Polish Authorities' Accused Of Lack of Transparency

The International Energy Agency (IEA) has projected an enduring slowdown in oil demand until 2024, a viewpoint that starkly clashes with the optimistic forecasts of the Organization of the Petroleum Exporting Countries (OPEC).
What Happened: As <a href="https://www.cnbc.com/2023/12/14/iea-says-oil-demand-slowdown-to-persist-in-2024-amid-oversupply-fears.html">reported</a> by CNBC on Thursday, the IEA perceives a softening global oil demand, predicting this trend to persist into 2024. The stance is strikingly different from that of OPEC and its affiliates, collectively referred to as OPEC+.
The IEA has observed a &#8220;decidedly bearish&#8221; sentiment in the oil market in recent weeks, despite OPEC+&#8217;s November 30 announcement of voluntary production cuts in the first quarter of the upcoming year.
See Also: <a href="https://www.benzinga.com/markets/cannabis/23/12/36212369/30-40-times-higher-thc-levels-than-permitted-found-in-mississippi-weed-products-gop-rep-will-add?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">30-40 Times Higher THC Levels Than Permitted Found In Mississippi Weed Products, GOP Rep. Will Address Si</a>
In its latest monthly oil market report, the IEA anticipates global oil demand to increase by 2.3 million barrels per day to 101.7 million barrels per day in 2023. Nonetheless, it cautions that this forecast &#8220;masks the impact of a further weakening of the macroeconomic climate.&#8221; 
The IEA projects a halving of oil consumption growth next year, reducing to 1.1 million barrels per day as global economic growth remains subpar in major economies and Covid-19-related distortions diminish.
On the other hand, OPEC, in its most recent monthly report, expressed &#8220;cautious optimism&#8221; about oil market dynamics in 2024 and sustained its relatively high oil usage forecast for the coming year.
Why It Matters: The IEA&#8217;s warnings of a continual oil demand slowdown come on the heels of the <a href="https://www.benzinga.com/news/23/12/36215596/oil-prices-under-pressure-as-cop28-climate-summit-agrees-to-energy-transition">COP28 climate summit&#8217;s landmark agreement</a> to transition from fossil fuels and enhance commitments to renewable energy sources. The decision has placed oil prices under pressure.
On Wednesday, crude oil prices were trading under strain while the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), an ETF tracking the price of light sweet crude, was down 0.2% in pre-market trade following a 3.8% loss on Tuesday. 
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36170646/as-bitcoin-ethereum-correct-340m-in-long-positions-liquidated-peter-schiff-says-king-crypt?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As Bitcoin, Ethereum Correct, $340M In Long Positions Liquidated: Peter Schiff Says King Crypto &#8216;Getting A Bigger Beatdown Than The Eagles&#8217;</a>
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IEA Forecasts Slowdown In Oil Demand, Contrasts Positive Outlook By OPEC+

The COP28 Presidency released a proposed climate deal text on Wednesday, emphasizing a significant shift from fossil fuels to combat climate change. 
What Happened: Reuters reports that this development marks a first in the COP summit&#8217;s three-decade history, proposing &#8220;transitioning away from fossil fuels in energy systems&#8221; to achieve net zero by 2050, aligned with scientific recommendations. However, the deal has sparked controversy for insufficient financial and equity provisions for developing nations and resistance from major oil-producing countries, including OPEC members.
See Also: <a href="https://www.benzinga.com/news/23/12/36190857/12-year-old-climate-activist-storms-cop28-summit-in-dubai-demands-ending-fossil-fuel-usage">12-Year-Old Climate Activist Storms COP28 Summit In Dubai, Demands Ending Fossil Fuel Usage</a>
Why It Matters: The proposal&#8217;s significance lies in its potential to redefine global energy policies, despite facing opposition from oil producers and criticism for overlooking financial support for vulnerable nations. This echoes concerns <a href="https://www.benzinga.com/news/23/12/36192212/cop28-drafts-overlook-of-fossil-fuel-phaseout-sparks-international-outcry-there-are-elements-that-ar">raised at the summit</a>, where key stakeholders expressed disappointment over the previous draft&#8217;s failure to enforce fossil fuel phase-out. 
Sultan Al Jaber, COP28 President and CEO of the Abu Dhabi National Oil Company, has reiterated respect for scientific findings while seeking greater flexibility from participating nations. 
Read Next: <a href="https://www.benzinga.com/pressreleases/23/12/n36064820/cop28-the-rockefeller-foundation-acen-corporation-monetary-authority-of-singapore-partner-to-explo">COP28: The Rockefeller Foundation, Acen Corporation, Monetary Authority of Singapore Partner To Explore Green Finance Options</a>
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COP28 Draft Proposes Historic Shift From Fossil Fuels Amid Global Debate

A subsea gas pipeline and a telecommunications cable connecting Finland and Estonia under the Baltic Sea have suffered damage in what appears to be a deliberate act, according to the Finnish government.&nbsp;
The Balticconnector gas pipeline was shut down due to concerns about gas leakage from a hole in the 77-kilometer pipeline, and it may take months to repair. Additionally, the damaged telecommunications cable raised concerns about connectivity in the region.
While Finnish Prime Minister&nbsp;Petteri Orpo&nbsp;described the damage as &quot;worrying,&quot; he assured Finland&#39;s energy supply remained stable. He also highlighted that it was premature to conclude the cause of the damage, and an investigation is underway.
European gas prices surged in response to the news, reaching a six-month high, Reuters noted, fueled by concerns over tensions in the Middle East and the belief that external activity may have caused the pipeline damage.&nbsp;
Despite the damage, the Balticconnector pipeline gas system operators do not foresee shortages, and Finland&#39;s alternative gas supply arrangements are expected to cover demand.
While the exact cause of the damage remains unclear, authorities are not ruling out the possibility of sabotage, drawing parallels with deliberate acts of sabotage on the Nord Stream gas pipelines in 2022. Finland has diversified its gas imports, primarily relying on liquefied natural gas (LNG) from the United States.
Finnish telecommunications operator Elisa confirmed that the damaged cable, primarily used for backup purposes, did not disrupt its services, providing a measure of continuity.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Suspected Deliberate Act Damages Subsea Gas Pipeline and Telecom Cable Linking Finland And Estonia

In response to rising gasoline price concerns,&nbsp;Tai Milder, the director of California&#39;s Division of Petroleum Market Oversight (DPMO), has&nbsp;<a class="editor-rtfLink" href="https://www.energy.ca.gov/news/2023-09/state-officials-provide-update-gas-prices-unusual-petroleum-market-transaction" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">sent</a>&nbsp;a four-page letter to Governor&nbsp;Gavin Newsom&nbsp;and legislative leaders in Sacramento.&nbsp;
Milder&#39;s division reviewed recent data, revealing that some refineries failed to maintain adequate gasoline levels or import enough fuel to compensate for production shortfalls during the summer.&nbsp;
These supply disruptions have contributed to the surge in prices and planned and unplanned refinery outages.&nbsp;
One specific event highlighted in the letter is an &quot;unusual transaction&quot; on the California spot market, where gas prices surged by 50 cents per gallon on September 15.
The rising cost of crude oil has driven up prices not just in California but across the world. For the last 18 months, Russia&#39;s invasion of Ukraine has caused crude oil prices to climb and remain&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/money/most-volatile-stocks/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">volatile</a>.&nbsp;
As of September 20, 2023, crude oil obtained by California refiners from a global market cost $2.27 per gallon, compared with $2.25 one week ago, $2.04 four weeks ago, and $2.18 one year ago.
DPMO contacted refineries to discuss plans for future maintenance and plans to backfill to maintain adequate statewide supply.

California Faces Rising Gasoline Prices, Division of Petroleum Market Oversight Raises Concerns

Workers at&nbsp;Chevron Corporation&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvx#NYSE">CVX</a>) liquefied natural gas (LNG) projects in Australia went on strike on Friday after mediation talks ended without any deal.
Partial strikes began at 1 p.m. Perth time at Chevron&#39;s Gorgon and Wheatstone facilities, which accounted for about 7% of global LNG supply last year and&nbsp;<a class="editor-rtfLink" href="https://www.afr.com/companies/energy/game-on-chevron-unions-strike-at-lng-plants-as-talks-go-bust-20230908-p5e35q" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">around</a>&nbsp;47% of Western Australia&#39;s domestic gas.
Until next Wednesday, workers will stop work for up to 11 hours in several blocks daily and refuse to perform certain tasks.&nbsp;
If there is still no deal by then, Members of the Offshore Alliance union&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/chevron-australia-lng-workers-start-strike-what-happens-now-2023-09-08/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">said</a>&nbsp;they would stop work completely for two weeks starting September 14.
The commencement of industrial action signifies the conclusion of protracted discussions that have left markets uncertain for weeks.&nbsp;
In early August, labor unions initially hinted at the possibility of strikes affecting both the Chevron installations and those of&nbsp;Woodside Energy Group Ltd&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wds#NYSE">WDS</a>).&nbsp;
Subsequently, Woodside reached a negotiated settlement with its workforce, while Chevron and its employees still find themselves at odds regarding several critical demands.
Chevron&#39;s &quot;bargaining performance has been the most inept effort of any employer the union has dealt with in the past five years, and our members have had enough,&quot; Bloomberg&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2023-09-08/australia-lng-workers-to-begin-strikes-friday-at-chevron-sites?sref=TBDibEcD" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">noted</a>, citing Offshore Alliance&#39;s Facebook post.
A prolonged strike could disrupt exports and raise prices of LNG, which is used for electricity generation. European gas prices have been <a href="https://www.benzinga.com/money/most-volatile-stocks/">volatile</a> in recent weeks over the labor unrest in Australia.
European benchmark gas futures surged by as much as 11% in response to the news, although they later receded somewhat. This reaction underscores the market&#39;s susceptibility, especially after last year&#39;s energy crisis.
Dutch front-month gas, Europe&#39;s benchmark, traded 5.8% higher at &euro;34.64 a megawatt-hour by 10 a.m. in Amsterdam.
While Europe rarely receives fuel shipments from Australia, reducing LNG deliveries to Asia would intensify competition for other available cargoes.
Price Action:&nbsp;CVX shares are up 0.35% at $167.22 during the premarket session on the last check Friday.

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Gas Prices Jitters As Strikes Start At Major Chevron Australia LNG Projects

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French President Macron Says Has Not Yet Reached Decisions On Sanctions Related To Russian Oil, Gas, Coal

President Biden Halts Federal Aid To Coal, Oil And Gas Projects Overseas

ProShares UltraShort Bloomberg Natural Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KOLD#NYSE">KOLD</a>) shares experienced unusual options activity on Monday. The stock price moved up to $16.84 following the option alert. 
<ul>
<li>Sentiment: BULLISH</li>
<li>Option Type: TRADE</li>
<li>Trade Type: PUT</li>
<li>Expiration Date: 2021-08-20</li>
<li>Strike Price: $17.00</li>
<li>Volume: 1000</li>
<li>Open Interest: 2528</li>
</ul>
<h2>Three Signs Of Unusual Options Activity</h2>
Extraordinarily large volume (compared to historical averages) is one indication of unusual options market activity. Volume refers to the total number of contracts traded over a given time period when discussing options market activity. The number of contracts that have been traded, but not yet closed by either counterparty, is called open interest. A contract cannot be considered closed until there exists both a buyer and seller for it. 
Another indicator of unusual options activity is the trading of a contract with an expiration date in the distant future. Additional time until a contract expires generally increases the potential for it to grow its time value and reach its strike price. It is important to consider time value because it represents the difference between the strike price and the value of the underlying asset. 
Contracts that are "out of the money" are also indicative of unusual options activity. "Out of the money" contracts occur when the underlying price is under the strike price on a call option, or above the strike price on a put option. These trades are made with the expectation that the value of the underlying asset is going to change dramatically in the future, and buyers and sellers will benefit from a greater profit margin. 
<h2>Bullish And Bearish Sentiments</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
These observations are made without knowing the investor's true intent by purchasing these options contracts. The activity is suggestive of these strategies, but an observer cannot be sure if a bettor is playing the contract outright or if the options bettor is hedging a large underlying position in common stock. For the latter case, bullish options activity may be less meaningful than the exposure a large investor has on their short position in common stock.
<h2>Using These Strategies To Trade Options</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

Movers

Understanding ProShares UltraShort Bloomberg Natural Gas's Unusual Options Activity

On Friday, shares of ProShares UltraShort Bloomberg Natural Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KOLD#NYSE">KOLD</a>) saw unusual options activity. After the option alert, the stock price moved up to $18.31. 
<ul>
<li>Sentiment: BULLISH</li>
<li>Option Type: SWEEP</li>
<li>Trade Type: PUT</li>
<li>Expiration Date: 2021-08-20</li>
<li>Strike Price: $17.00</li>
<li>Volume: 800</li>
<li>Open Interest: 4036</li>
</ul>
<h2>Three Signs Of Unusual Options Activity</h2>
Extraordinarily large volume (compared to historical averages) is one indication of unusual options market activity. Volume refers to the total number of contracts traded over a given time period when discussing options market activity. Open interest is the number of unsettled contracts that have been traded but not yet closed by either counterparty. In other words, open interest represents the quantity of contracts that individual parties have written but not yet found a counterparty for (i.e. a buyer finding a seller, or a seller finding a buyer).
Another indicator of unusual options activity is the trading of a contract with an expiration date in the distant future. Additional time until a contract expires generally increases the potential for it to grow its time value and reach its strike price. It is important to consider time value because it represents the difference between the strike price and the value of the underlying asset. 
Contracts that are "out of the money" are also indicative of unusual options activity. "Out of the money" contracts occur when the underlying price is under the strike price on a call option, or above the strike price on a put option. These trades are made with the expectation that the value of the underlying asset is going to change dramatically in the future, and buyers and sellers will benefit from a greater profit margin. 
<h2>Understanding Sentiment</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
Although the activity is suggestive of these strategies, these observations are made without knowing the investor's true intentions when purchasing these options contracts. An observer cannot be sure if the bettor is playing the contract outright or if they're hedging a large underlying position in a common stock. For the latter case, the exposure a large investor has on their short position in common stock may be more meaningful than bullish options activity. 
<h2>Using These Strategies To Trade Options</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

On Thursday, shares of ProShares UltraShort Bloomberg Natural Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KOLD#NYSE">KOLD</a>) saw unusual options activity. After the option alert, the stock price moved down to $16.71. 
<ul>
<li>Sentiment: BEARISH</li>
<li>Option Type: SWEEP</li>
<li>Trade Type: PUT</li>
<li>Expiration Date: 2021-08-20</li>
<li>Strike Price: $17.00</li>
<li>Volume: 5207</li>
<li>Open Interest: 247</li>
</ul>
<h2>Three Ways Options Activity Is ‘Unusual'</h2>
One way options market activity can be considered unusual is when volume is exceptionally higher than its historical average. The volume of options activity refers to the number of contracts traded over a given time period. The number of unsettled contracts that have been traded, but not yet closed, is called open interest. These contracts are not yet closed because a buyer has not purchased the contract, or a seller has not sold it.
Another sign of unusual activity is the trading of a contract with an expiration date in the distant future. Usually, additional time until a contract expires allows more opportunity for it to reach its strike price and grow its time value. Time value is important to consider because it represents the difference between the strike price and the value of the underlying asset. 
"Out of the money" contracts are unusual because they are purchased with a strike price far from the underlying asset price. "Out of the money" occurs when the underlying price is under the strike price on a call option, or above the strike price on a put option. Buyers and sellers try to take advantage of a large profit margin in these instances because they are expecting the value of the underlying asset to change dramatically in the future. 
<h2>Understanding Sentiment</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
Although the activity is suggestive of these strategies, these observations are made without knowing the investor's true intentions when purchasing these options contracts. An observer cannot be sure if the bettor is playing the contract outright or if they're hedging a large underlying position in a common stock. For the latter case, the exposure a large investor has on their short position in common stock may be more meaningful than bullish options activity. 
<h2>Using These Strategies To Trade Options</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

Options

Natural gas fund Cogent Energy Investment Management LLC has been shut down, according to a source intimately involved in the space. Traders Benzinga spoke with are attributing Tuesday&#39;s natural gas futures performance to the closure.

	The commodity responded as reports of Cogent&#39;s closure circulated, spiking from an intra-day low just under $1.69 to a high of almost $1.77. Natural gas futures were volatile, up about 5 percent on the session.

	The fund, created by three former Enron traders according to <a href="http://www.bloomberg.com/news/articles/2014-02-11/former-enron-trading-trio-gains-as-winter-heating-demand-surges">Bloomberg</a>, was launched in January 2013. Founders Fletcher Sturm, Robert Benson and Frank Ermis also worked at JPMorgan Chase and Barclays before starting Cogent, Reuters <a href="http://www.reuters.com/article/cogent-hedgefund-idUSL1E8MSCAL20121129">reported</a>&nbsp;in 2012.
Reuters also reported reported Cogent management was "set to close shop."

	In a comment to Benzinga, Cogent denied the reports, stating it is not closing its natural gas fund.

Hedge Funds

Market-Moving Exclusives

Exclusives

UGAZ

Source: Energy Fund Started By Ex-Enron Traders Has Closed Down, Affecting Natural Gas Futures

Here is your ETF Outlook for Tuesday November 5, 2013

	SPDR Industrial ETF (NYSE: <a class="ticker" href="/stock/xli#NYSE">XLI</a>)

	The ETF has been on a monster run the last three weeks as it has closed in positive territory 15 out of the last 18 trading sessions. The last two-day losing streak was on October 9.

	Attempting to pick the top of a bull market is never a good idea, however the odds are setting up for XLI to at least pullback in the next couple of days. The chart shows an ETF that is extremely overbought and that could pullback to support in the $47-$47.47.75 area. The top stocks in the ETF are General Electric (NYSE: <a class="ticker" href="/stock/ge#NYSE">GE</a>), Boeing (NYSE: <a class="ticker" href="/stock/ba#NYSE">BA</a>), and United Technologies (NYSE: <a class="ticker" href="/stock/utx#NYSE">UTX</a>).

	PowerShares DB US Dollar Bullish ETF (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>)

	A six-day winning streak was snapped yesterday for UUP after the ETF ran into a resistance level. The 50-day moving average is $21.74 and a steep downtrend line from the July high is also in the area.

	The greenback has been on a tear higher, rallying two percent in the last week after the Fed meeting. The move may not sound like much, but for a currency ETF it is a sizable gain in a short period of time. If investors begin to focus on the jobs report at the end of the week and the potential for taper comes back into the mix it would hurt the value of the U.S. Dollar and UUP would resume its downtrend.

	U.S. Natural Gas ETF (NYSE: <a class="ticker" href="/stock/ung#NYSE">UNG</a>)

	The ETF closed yesterday a $17.09, matching the lowest close in 16 months for the ETF. As the supply of natural gas continues to increase in the U.S. due to the fracking boom it has led to lower commodity prices. If the trend continues it could see the price continue to fall and test the low of $14.25 from April 2012.

	The one silver lining for UNG is that it closed one penny off the low of the day and technically held above the old closing low. That being said, the trend is clearly lower for the energy commodity. The ProShares Ultra Short Natural Gas ETF (NYSE: <a class="ticker" href="/stock/kold#NYSE">KOLD</a>)is 2x leveraged to the short side and was up 4 percent yesterday. The VelocityShares 3x Inverse Natural Gas ETN (NYSE: <a class="ticker" href="/stock/dgaz#NYSE">DGAZ</a>) gained 6.5 percent yesterday and closed at a new two-month high. Both inverse natural gas ETFs are leveraged plays and extremely aggressive.

	Market Vectors Agribusiness ETF (NYSE: <a class="ticker" href="/stock/moo#NYSE">MOO</a>)

	Earnings after the bell last night from CF Industries Holdings (NYSE: <a class="ticker" href="/stock/cf#NYSE">CF</a>) fell by 42 percent in the third quarter on weaker revenue and margins. The stock was trading lower after the closing bell by about one percent, but should have more volatility this morning before the market opens.

	Based on a recent rally from the lows and the disappointing earnings it would appear the stock will hit some headwinds today. The stock is a top ten holding for MOO and it makes up over four percent of the allocation. Big moves in either direction for CF will have an affect on the entire sector and likely have MOO more volatile than normal on Tuesday.

Sector ETFs

Specialty ETFs

Currency ETFs

Previews

Pre-Market Outlook

Trading Ideas

ETFs

PowerShares DB US Dollar Index Bullish Fund

ETF Outlook for Tuesday, November 5, 2013

Big winners (up at least 5%): VelocityShares 3x Inverse Natural Gas ETN (NYSE: <a class="ticker" href="/stock/dgaz#NYSE">DGAZ</a>), iPath Global Carbon ETN (NYSE: <a class="ticker" href="/stock/grn#NYSE">GRN</a>), ProShares UltraShort DJ-UBS Natural Gas (NYSE: <a class="ticker" href="/stock/kold#NYSE">KOLD</a>) and the ProShares MSCI UltraShort Mexico (NYSE: <a class="ticker" href="/stock/smk#NYSE">SMK</a>).

	Big losers (down at least 5%): ProShares Ultra DJ-UBS Natural Gas (NYSE: <a class="ticker" href="/stock/boil#NYSE">BOIL</a>) and the VelocityShares 3x Long Natural Gas ETN (NYSE: <a class="ticker" href="/stock/ugaz#NYSE">UGAZ</a>).

	Unusual volume (at least 5X ADV): SPDR S&amp;P Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/gmm#NYSE">GMM</a>), iShares MSCI Germany Small Cap ETF (NYSE: <a class="ticker" href="/stock/ewgs#NYSE">EWGS</a>), ProShares UltraShort MSCI Emerging Markets (NYSE: <a class="ticker" href="/stock/eev#NYSE">EEV</a>), Market Vectors Russia Small-Cap ETF (NYSE: <a class="ticker" href="/stock/rsxj#NYSE">RSXJ</a>), ALPS Sector Dividend Dogs ETF (NYSE: <a class="ticker" href="/stock/sdog#NYSE">SDOG</a>) and the AdvisorShares STAR Global Buy-Write ETF (NYSE: <a class="ticker" href="/stock/vega#NYSE">VEGA</a>).

	Must reads of the day:

	WSJ: Finally, relief for <a href="http://online.wsj.com/article/SB10001424052702304713704579094683552823954.html?mod=pls_whats_news_us_business_f">the once hot rare earths sector</a>.

	MarketWatch: These <a href="http://www.marketwatch.com/story/the-days-of-easy-money-may-be-over-2013-09-20?link=sfmw">countries look cheap</a> and there are plenty of ETF options with which to play that theme.

	iShares: Asset allocation strategies <a href="http://www.blackrockblog.com/2013/09/23/feds-surprise-4-asset-allocation-implications/">for a no tapering world</a>.

	Courtesy of GrahamFisher, by way of The Big Picture Blog, <a href="http://www.ritholtz.com/blog/2013/03/jpm-out-of-control/">you must read this</a> if you own bank ETFs or shares of JPM.

	ETF Trends: Banks showing <a href="http://www.etftrends.com/2013/09/in-a-no-tapering-world-banks-love-emerging-markets/">emerging markets the love</a>.

	Don't forget about <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/09/3938685/vietnam-etf-could-offer-a-year-end-surprise">opportunities with the Vietnam ETF</a>.

	For income investors: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/09/3938350/two-etfs-for-global-yield">More international dividend ETFs</a>.

	Don't forget to follow me on Twitter <a href="https://twitter.com/ETFProfessor1">@ETFProfessor1</a>.

Broad U.S. Equity ETFs

New ETFs

Emerging Market ETFs

After-Hours Center

ProShares UltraShort MSCI Emerging Markets

EWGS

RSXJ

SDOG

ProShares UltraShort MSCI Mexico Investable Market

VEGA

Benzinga's Mandatory ETF Reading for September 24, 2013

Here is the ETF Professor's ETF Watch List for Tuesday, August 6, 2013.

Keep an eye on the Market Vectors Biotech ETF (NYSE: <a class="ticker" href="/stock/bbh#NYSE">BBH</a>).

The ProShares UltraShort DJ-UBS Natural Gas (NYSE: <a class="ticker" href="/stock/kold#NYSE">KOLD</a>) is worth a look.

So is the Market Vectors Semiconductor ETF (NYSE: <a class="ticker" href="/stock/smh#NYSE">SMH</a>).

Emerging markets plays of the day: iShares MSCI Thailand ETF (NYSE: <a class="ticker" href="/stock/thd#NYSE">THD</a>), Market Vectors Egypt ETF (NYSE: <a class="ticker" href="/stock/egpt#NYSE">EGPT</a>) and the WisdomTree India Earnings ETF (NYSE: <a class="ticker" href="/stock/epi#NYSE">EPI</a>).

Forex play of the day: ProShares UltraShort Euro (NYSE: <a class="ticker" href="/stock/euo#NYSE">EUO</a>).

Bond play of the day: Vanguard Short-Term Bond ETF (NYSE: <a class="ticker" href="/stock/bsv#NYSE">BSV</a>).

Long Ideas

Short Ideas

EGPT

iShares MSCI Thailand Investable Market Index Fund

ETFs to Watch August 6, 2013 (BSV, KOLD, THD)

ProShares, the largest sponsor of leveraged ETFs, said seven of its ETFs will undergo traditional, forward splits while another eight will be subject to reverse splits. 

Maryland-based ProShares made the announcement <a href="http://www.dailyfinance.com/2013/05/24/proshares-announces-etf-share-splits/">in a statement</a> released after the close of U.S. markets Friday.

The seven ProShares ETFs that will be split on a forward basis are the following: The ProShares Ultra Consumer Goods (NYSE: <a class="ticker" href="/stock/uge#NYSE">UGE</a>), ProShares UltraPro S&amp;P500 (NYSE: <a class="ticker" href="/stock/upro#NYSE">UPRO</a>), ProShares UltraPro MidCap400 (NYSE: <a class="ticker" href="/stock/umdd#NYSE">UMDD</a>), ProShares Ultra Russell3000 (NYSE: <a class="ticker" href="/stock/uwc#NYSE">UWC</a>), ProShares Ultra Health Care (NYSE: <a class="ticker" href="/stock/rxl#NYSE">RXL</a>), ProShares Ultra Consumer Services (NYSE: <a class="ticker" href="/stock/ucc#NYSE">UCC</a>) and the ProShares UltraPro Russell2000 (NYSE: <a class="ticker" href="/stock/urty#NYSE">URTY</a>).

All of those ETFs will be split two-for-one and begin trading at their split-adjusted prices on June 10.

The eight ProShares ETFs that will be reverse split are the following: The ProShares UltraShort DJ-UBS Natural Gas (NYSE: <a class="ticker" href="/stock/kold#NYSE">KOLD</a>), the ProShares VIX Short-Term Futures ETF (NYSE: <a class="ticker" href="/stock/vixy#NYSE">VIXY</a>), ProShares Ultra VIX Short-Term Futures ETF (NYSE: <a class="ticker" href="/stock/uvxy#NYSE">UVXY</a>), ProShares UltraShort Oil &amp; Gas (NYSE: <a class="ticker" href="/stock/dug#NYSE">DUG</a>), ProShares UltraPro Short Financials (NYSE: <a class="ticker" href="/stock/finz#NYSE">FINZ</a>), ProShares UltraPro Short 20+ Year Treasury (NYSE: <a class="ticker" href="/stock/ttt#NYSE">TTT</a>), ProShares UltraShort Russell1000 Value (NYSE: <a class="ticker" href="/stock/sjf#NYSE">SJF</a>) and the ProShares UltraShort MSCI EAFE (NYSE: <a class="ticker" href="/stock/efu#NYSE">EFU</a>).

All of those ETFs will be reverse split on a one-for-four basis except VIXY and UVXY. VIXY will be split one-for-five and UVXY will be split one-for-10. The reverse split ETFs will also begin trading at their post-split prices on June 10.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

Bonds

FINZ

UMDD

UPRO

URTY

UVXY

VIXY

ProShares to Split 15 ETFs

Natural gas futures are volatile.

	That much is widely known and that volatility explains the allure of an ETF such as the U.S. Natural Gas Fund (NYSE: <a class="ticker" href="/stock/ung#NYSE">UNG</a>) for active, short-term traders. With natural gas futures soaring recently and getting another lift Tuesday after the U.S. National Weather Service issued a warmer-than-expected six-to-ten-day forecast for the eastern part of the U.S., UNG is again in the spotlight.

	And with that comes traders embracing even more volatile fare such as the leveraged ProShares Ultra DJ-UBS Natural Gas (NYSE: <a class="ticker" href="/stock/boil#NYSE">BOIL</a>), BOIL's bearish equivalent, the ProShares UltraShort DJ-UBS Natural Gas (NYSE: <a class="ticker" href="/stock/kold#NYSE">KOLD</a>), and the VelocityShares 3x Long Natural Gas ETN (NYSE: <a class="ticker" href="/stock/ugaz#NYSE">UGAZ</a>).

	Those that want to take a more conservative to profiting from rising natural gas futures have options, too. One of the better choices is the First Trust ISE-Revere Natural Gas Index Fund (NYSE: <a class="ticker" href="/stock/fcg#NYSE">FCG</a>). As has been previously noted, FCG's name is somewhat deceiving because <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/02/3327831/february-first-month-in-energy-bull-run-use-these-etfs-to-tra">plenty of the ETF's holdings</a> either have significant oil exposure or are working to boost their oil profiles.

	Examples include top-10 holdings such as Apache (NYSE: <a class="ticker" href="/stock/apa#NYSE">APA</a>) and Anadarko Petroleum (NYSE: <a class="ticker" href="/stock/apc#NYSE">APC</a>). While FCG, home to 28 stocks, is an equity-based natural gas play that does not mean aggressive traders will be put to sleep by this ETF. The fund's three-year standard deviation is almost 460 basis points higher than the S&amp;P 1500 Energy Index's and FCG has a beta of 1.41, <a href="http://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=FCG">according to First Trust data</a>. A boring ETF this is not.

	Still, FCG is perceived as being more docile than UNG. The trade-off is fair, however. FCG has over $$446.4 million in assets under management, but the fund can overlooked <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/02/3327831/february-first-month-in-energy-bull-run-use-these-etfs-to-tra">compared to other energy sector ETFs</a>. The popularity trade off is worth making as well.

	In the past month, FCG has surged 11.8 percent while UNG, despite a nice performance Tuesday, is lower by five percent. Even the Energy Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xle#NYSE">XLE</a>) has lagged FCG in the past month and that is with the benefit of a 10.5 percent pop for XLE.

	What is also important about FCG's move high over the past three days is that the ETF has broken through resistance created by <a href="http://www.finviz.com/quote.ashx?t=fcg">downtrend line that dates back to last September</a>. The ETF now has an unencumbered path in front of it to rise the 5.8 percent necessary to return to its 52-week high around $18.70.

	Bottom line: FCG is useful on multiple fronts. First, the ETF is solid option to UNG for risk-averse investors. Second, the ETF can be paired with a large-cap focused fund such as XLE so investors can have mid- and small-cap energy sector exposure as well.

	For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

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ProShares UltraShort Bloomberg Natural Gas

Overview

ProShares UltraShort Bloomberg Natural Gas (ARCA:KOLD), Quote.Headers.trade-ideas