Is Natural Gas on the Brink of a Breakdown?
On July 3, natural gas August futures rose 0.3% and settled at $2.87 per MMBtu (million British thermal units), just $0.01 above the lowest closing level for active natural gas futures since May 21. Chesapeake Energy (CHK), Antero Resources (AR), and Southwestern Energy (SWN) rose 1.9%, 1.9%, and 1.5%, respectively, on July 3. These three stocks were the top performers on our list of natural gas-weighted stocks. On July 3, the United States Natural Gas ETF (UNG) and the ProShares Ultra Bloomberg Natural Gas ETF (BOIL), which follow natural gas futures, rose 0.9% and 1.3%, respectively.