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Good news for the United States Natural Gas Fund, LP (NYSE:UNG), the U.S. Energy Information Administration (EIA) said today it expects domestic natural gas production in 2010 to be down 3% from 2009 levels.


ungThe US Nat Gas Fund (UNG) has managed to comeback 15.8% since Dec 3rd after falling into the mid $8 range. Today the UNG is at $10.09 a share, its 52-week range runs from $8.50 to $23.33.

In its January Short-Term Energy Outlook, EIA said it expected marketed natural gas production to be down 1.8 billion cubic feet per day, or 3 percent, this year, primarily due to steep declines from initial production at newly drilled wells and the lagged effect of reduced drilling activity.