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Friday, November 26, 2010 10:35:35 PM
A possible reason pointed out in the Bloomberg article is that earlier this week inventory forecasts aren’t giving traders much room to believe a pick-up is near.
“We still don’t see clear-cut government data that support strong industrial demand,” Michael Rose, director of trading at Angus Jackson Inc., told reporter Moming Zhou.
The United State Natural Gas Fund (UNG) was down at 12:45 p.m. eastern time today by 0.25% while the First Trust ISE-Revere Natural Gas Index (FCG) dipped 0.77%.
UNG had returned -39.9% for the year heading into today, according to Morningstar. At the same time, FCG’s focus on stocks rather than spot futures prices had it generating a 3.9% positive return.
Leading names in FCG include Anadarko Petroleum (APC) and Newfield Exploration (NFX). The former had gained more than 40% and the latter 28.9% so far this year.
Both were trading down around 1% late in today’s session.
This is not an offer to buy or sell securities or any kind of investment advice. Oil investment carries very high risks so consult a licensed professional making any decisions. My track record is real time @TurnKeyOil
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