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Why Natural Gas Stocks UNG And BOIL Are Getting Hammered Today

Benzinga · Mar 6, 2023 11:13

United States Natural Gas Fund, LP (NASDAQ:UNG) and ProShares Ultra Bloomberg Natural Gas (NASDAQ:BOIL) shares are trading sharply lower during Monday's session in symapthy with natural gas futures, with warmer-than-anticipated weather forecasts largely to blame. The April natural gas contract is down some 13.49% to $2.61 Monday morning.

Per a Monday report from Natural Gas Intelligence, anticipated March cold that had othwerwise sharply lifted the natural gas April contract to and above the $3-level last week has been negated following lower-than-expected heating from forecasts over the weekend.

Data from NatGasWeather meanwhile says the American weather model lost a staggering 25 heating degree days (HDD) from the 15-day weather forecast. The European model dropped 32 HDD from the outlook.

According to data from Benzinga Pro:

BOIL is trading lower by 25.00% to $5.90
UNG is lower by 13.82% to $8.52

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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