Record Natural Gas Inventory Build Up Pressuring Prices

This is the daily chart of UNG, the largest natural gas ETF. Prices have fallen off a cliff – down from $26.50 in mid-June to $20.72 at the close of trading yesterday. That’s a fall of nearly 22% in just over a month. Yesterday’s bearish engulfing pattern is likely signalling further downside to follow. What’s ailing natural gas? Natural gas: record inventory build up “Nearly midway through the summer storage injection season, working natural gas in storage is on pace to meet EIA’s expectations for a record overall build,” says Katie Teller of the US Energy Information Administration in her…