UNG Natural Gas is Closer to the Bulls than Ever!
UNG- Natural Gas ETF Closer to Bull’sville!
United States Natural Gas (UNG)
The investment seeks to replicate the performance, net of expenses, of natural gas. The trust will invest in futures contracts on natural gas traded on the NYMEX that is the near month contract to expire. It is nondiversified.
After watching UNG for months it is time to take a look at the opportunity that is right around the corner for this stock now.
The energy sector has seen a string of acquisitions in recent months that all hint at expectations of an increased interest in natural gas going forward.
UNG’s assets have surged in size in recent years in part because investors noticed that the ratio of crude oil to natural gas prices had deviated significantly from its historical average and anticipated that this divergence was reflective of short-term market fluctuations. In order to get back to this norm, natural gas prices would need to double, which would still put them well below levels touched only a few years ago.
Ministers from the world’s 11 largest natural gas producers, which in aggregate account for 70% of global reserves and participate in the Gas Exporting Countries Forum, have agreed to work to index natural gas to oil, saying that such steps are necessary to encourage investments in exploration and production. Several member countries reportedly pushed to form a cartel-like organization that could influence prices by implementing output quotas.
With all that being said, it really looks like UNG has technically hit bottom also. On the daily chart it appears to have built a nice foundation, having rested upon the 6.85 level 5 different times in the last 3 weeks.
We also have vary obvious positive divergences taking place within the stock and indicators. This could be tellingus that it is getting closer to time for UNG to start turning bullish again.
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