By Murray Coleman
Oil and gas prices are starting off 2011 with a bang, bringing along popular energy ETFs for the ride.
The United States Natural Gas Fund (UNG) was up 4.8% around midday as natural gas futures prices hit their highest levels in more than three weeks. Analysts were crediting the move on forecasts for continuing cold weather, according to Dow Jones Newswires.
UNG, which has lost more than 40% in the past 12 months, has now returned 3.7% in the past 30 days, according to Morningstar.
The iPath DJ-UBS Natural Gas ETN (GAZ) was up by about 3.5% in the early afternoon.
Meanwhile, the PowerShares DB Energy Fund (DBE) was ahead by 1.4% and the United States Oil Fund (USO) was up around 0.8% as crude oil prices hit $92 a barrel. The more lightly traded U.S. Brent Oil ETF (UHN) was up about 1.4%.
Upbeat economic data from Asia and increased expectations for a sustained U.S. recovery were helping to lift oil demand, according to reports.
This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php
Five Filters featured site: So, Why is Wikileaks a Good Thing Again?.
Source: "ETF Natural Gas" via Glen in Google Reader
No comments:
Post a Comment