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The investment seeks to reflect the daily percentage changes of the spot price of natural gas delivered at the Henry Hub, Louisiana as measured by the daily changes in the average of the prices of 12 futures contracts on natural gas traded on the New York Mercantile Exchange.

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United States 12 Month Natural Gas Fund

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An Arctic blast is set to hit most of the country this weekend and into next week as the polar vortex pushes frigid <a href="https://www.benzinga.com/news/global/24/12/42743937/natural-gas-prices-spike-as-bone-chilling-arctic-blast-approaches">temperatures into the U.S. </a>
The Details: Frigid Siberian air is forecast to hit the Northern Plains on Saturday and move south and east through the weekend,<a href="https://www.accuweather.com/en/winter-weather/coldest-air-of-the-winter-lurks-for-eastern-us-next-week/1734113"> according</a> to AccuWeather.&nbsp;
&#8220;The cold outbreak will occur right smack in the middle of what is historically the coldest part of the winter,&#8221; AccuWeather Senior Meteorologist Bob Larson said.
The cold is expected to linger and could bring subzero temperatures to more than 105 million people in the U.S. over the next two weeks, the Washington Post <a href="https://www.washingtonpost.com/weather/2025/01/15/polar-vortex-frigid-cold-eastern-us-forecast/">reported</a>. 
Read Next: <a href="https://www.benzinga.com/general/social-media/25/01/43018125/trump-considers-executive-order-to-save-tiktok-from-being-banned-in-4-days">Trump Considers Executive Order To &#8216;Save&#8217; TikTok From Being Banned In 4 Days</a>&nbsp;
Why It Matters: With much of the country set to face dangerously cold temperatures, investors are monitoring natural gas and utility stocks.&nbsp;
The United States 12 Month Natural Gas Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNL#NYSE">UNL</a>) which tracks the average of 12 months of natural gas futures contracts is up 4% over the past five days and the United States Natural Gas Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNG#NYSE">UNG</a>), tracking the near-month natural gas futures contract price, is up more than 3% over the same period. 
Constellation Energy Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>) which provides services in several East Coast states and Washington, D.C. and Michigan-based utility provider DTE Energy Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DTE#NYSE">DTE</a>) could both see increased demand as the Arctic weather moves in. 
Retailers such as Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) and Home Depot Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) could see increased sales as people purchase supplies to prepare for the wintry conditions. However, retail locations will likely see reduced foot traffic as consumers stay home when the extreme cold arrives. 
Inauguration Day: President-elect Donald Trump will be <a href="https://www.benzinga.com/search?q=Trump#:~:text=3%3A09%20AM-,Aniket%20Verma,1/16/2025%2C%202%3A32%20AM,-Pooja%20Rajkumari">inaugurated </a>on Monday in Washington D.C. and the forecast high of 24 degrees could make Trump's inauguration one of the coldest on record.&nbsp;
The coldest so far was former President Ronald Regan's second inauguration in 1985 when the temperature was -2 and the ceremony was moved indoors due to this dangerous temperature. 
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/25/01/43007213/experts-see-the-fed-on-hold-for-now-if-there-are-any-cuts-at-all-in-2025-after-decembers-sticky-consumer-inflation-report">Interest Rate Cuts &#8216;On Hold&#8230; If There Are Any At All In 2025&#8217; After December&#8217;s Sticky Consumer Inflation Report: Economists&nbsp;</a></li>
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Polar Vortex Brings Winter's Coldest Air For Trump's Inauguration Day: What It Means For Utilities, Retailers, Energy Stocks

U.S. natural gas futures are pulling back Tuesday after reaching a 52-week high on Monday. Trading remains volatile with an Arctic blast forecast to hit the <a href="https://www.benzinga.com/24/12/42738694/asia-mixed-europe-rises-with-early-market-closures-crude-oil-and-gold-tick-higher-global-markets-today-while-us-slept">nation in January.&nbsp;</a>
The Details: On Sunday, AccuWeather meteorologists<a href="https://www.accuweather.com/en/winter-weather/much-colder-potentially-snowier-days-ahead-for-1st-half-of-january-in-midwest-east/1728003"> released</a> an extended forecast predicting cold Arctic air over much of the U.S. with a potential pattern of snow and ice storms through the first half of January. 
The forecast even pointed to the possibility of the "coldest January since 2011 for the U.S. as a whole," according to AccuWeather Lead Long-Range Expert Paul Pastelok.
Read Next: <a href="https://www.benzinga.com/general/social-media/24/12/42734220/bill-ackman-sends-fannie-mae-freddie-mac-stocks-soaring-trump-likes-big-deals">Bill Ackman Sends Fannie Mae, Freddie Mac Stocks Soaring: &#8216;Trump Likes Big Deals&#8217;</a>&nbsp;
John Kilduff, founding partner of Again Capital, <a href="https://www.cnbc.com/2024/12/30/natural-gas-surges-20percent-on-expectations-for-colder-than-usual-january-on-the-east-coast.html">told </a>CNBC's "Squawk on the Street" that disruptions in natural gas production called "freeze offs" are a possibility.&nbsp;
"We are talking [about] bone-chilling polar vortex weather, which has caused this spike in natural gas this morning," Kilduff said on Monday.&nbsp;
Traders reacted to the chilling forecast, sending natural gas February futures about 15% higher during Monday's session. Prices are retreating Tuesday, but remain 10% higher over the past five days.
Natural gas futures are trading about 6% lower Tuesday at $3.70/MMBtu.
The ongoing war in Ukraine and potential reduction in Russian gas flows to Europe is also driving increased demand for U.S. liquid natural gas exports and putting <a href="https://www.benzinga.com/24/12/42719521/asia-and-europe-markets-mixed-natural-gas-jumps-10-oil-stable-on-demand-hopes-gold-slips-global-markets-today-while-us-slept">upward pressure</a> on domestic prices. 
The United States 12 Month Natural Gas Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNL#NYSE">UNL</a>) which tracks the average of 12 months of natural gas futures contracts is up 6.6% in December and the United States Natural Gas Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNG#NYSE">UNG</a>), tracking the near-month natural gas futures contract price, is up more than 18% over the same period.&nbsp;
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Natural Gas Prices Spike As 'Bone-Chilling' Arctic Blast Approaches

In a significant development in the energy sector, Iraq is set to reactivate a previously dormant pipeline to Turkey, which could substantially impact regional oil exports and negotiations.
What Happened: Iraq is reviving a pipeline to Turkey, potentially exporting 350,000 barrels per day by month&#8217;s end, Reuters reported on Sunday. This move comes amid stalled negotiations with the Kurdistan Regional Government (KRG).
The Kirkuk-Ceyhan pipeline, inactive for a decade, offers an alternative to the KRG&#8217;s pipeline, which has been closed for a year. Baghdad views the KRG&#8217;s oil deals with foreign companies as illegal and demands that companies negotiate with the federal government for oil sales through the revived pipeline.
Islamic State attacks halted the pipeline&#8217;s operations in 2014. It was responsible for about 0.5% of the world&#8217;s oil supply. 
&#8220;Major crude pumping station with storage facilities has been completed,&#8221; said Basim Mohammed,  Iraqi deputy oil minister for upstream affairs, indicating the pipeline&#8217;s readiness to restart flows soon.
After an arbitration court ruling last year, the KRG&#8217;s pipeline was shut down, citing treaty violations. Discussions to reopen it have been complicated by conflicting demands from Turkey, the KRG, and the federal government.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38104437/bitcoin-ethereum-dogecoin-surge-despite-hawkish-remarks-from-fed-president-analysts-predic?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Surge Despite Hawkish Remarks From Fed President—Analysts Predict King Could Now Go Vertical With Several Critical Indicators In Alignment</a>
Despite the friction, the Kurds and Baghdad rely on each other politically and economically. Kurdish oil exports typically pass through a pipeline to Turkey. Early tests on the pipeline within Iraq revealed leaks, prompting accelerated repair efforts.
The current Iraq-Turkey oil pipeline agreement is set to expire in mid-2025, and the resumption of the old pipeline&#8217;s operations will be a key topic in the extension talks, according to a government energy adviser.
Why It Matters: As the global oil market grapples with tight supply and rising demand, the reactivation of the Kirkuk-Ceyhan pipeline by Iraq could have significant implications. Earlier this month, oil prices were <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38073267/crude-prices-could-hit-95-this-summer-oil-is-fighting-the-fed-again">expected to potentially hit $95 per barrel</a> this summer due to these market conditions, coupled with ongoing geopolitical tensions.
Moreover, the reestablishment of this route could alter the dynamics of regional oil politics, as Baghdad asserts its authority over oil exports, challenging the KRG&#8217;s independent oil deals.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38107547/hertzs-mega-tesla-gamble-backfired-due-to-sky-high-repair-costs-unusually-high-accident-rates-an?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hertz&#8217;s Mega Tesla Gamble Backfired Due To Sky-High Repair Costs, Unusually High Accident Rates And Customers&#8217; Charging Anxiety, Report Reveals</a>
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Iraq To Resume Oil Exports To Turkey Via Pipeline Shuttered A Decade Ago Amid Kurdish Negotiation Deadlock

Amid rising tensions in the Middle East, Helima Croft predicts &#8220;serious Iranian retaliation&#8221; that could lead to broader regional conflict.
What Happened: On Thursday, Croft, an analyst at RBC Capital Markets, expressed concerns over the potential repercussions of the recent escalation in the Middle East.
During CNBC &#8220;Last Call,&#8221; Croft warned, &#8220;We are bracing for serious Iranian retaliation.&#8221;
&#8220;You could see a serious escalatory tit-for-tat cycle that leads to a wider war in the region.&#8221;
Croft added that Iran has the potential to repeat its playbook from 2019 when it allegedly attacked oil tankers in the Strait of Hormuz, a critical waterway for oil import and export. She expressed that Iran only needs to launch attacks on a few oil tankers to push the oil prices higher. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"We are bracing for serious Iranian retaliation," says <a href="https://twitter.com/CroftHelima?ref_src=twsrc%5Etfw">@CroftHelima</a> as geopolitical tensions in the Middle East impact markets. "You could see a serious escalatory tit-for-tat cycle that leads to a wider war in the region." <a href="https://t.co/JusnMdXQ81">pic.twitter.com/JusnMdXQ81</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1776026486765424854?ref_src=twsrc%5Etfw">April 4, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38062930/ross-gerber-blames-elon-musks-toxic-behavior-for-ev-makers-crappy-q1-sales-calls-fo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;He Can't Even Tell He's An Idiot:&#8217; Elon Musk Furious As Ross Gerber Accuses Tesla CEO&#8217;s &#8216;Toxic&#8217; Behavior</a>
Why It Matters: The assassination of a top Iranian general by Israel has <a href="https://www.benzinga.com/24/04/38049998/israel-kills-top-iranian-general-oil-rises-not-great-for-stock-markets-no-inflation-story">led to a spike in oil prices</a> and is negatively affecting stock markets as investors worry about the potential for inflation. This event has heightened concerns of a broader conflict, which could have far-reaching consequences for global markets. The situation is particularly tense as Iran has vowed revenge against Israel, causing Israeli-related stocks and exchange-traded funds (ETFs) to suffer due to investor apprehension.
While large tech companies seem to be weathering the storm, the broader <a href="https://www.benzinga.com/markets/asia/24/04/38099623/irans-revenge-promise-against-israel-is-taking-down-its-stock-market-but-large-tech-companies-appear">Israeli market is facing downward pressure </a>as the threat of Iranian retaliation looms over the region.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38039504/solana-founder-announces-new-coin-as-april-fools-prank-and-a-mimic-token-surfaces-soaring-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Solana Founder Announces New Coin As April Fools&#8217; Prank—And A Mimic Token Surfaces, Soaring 4000%</a>
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Analyst Warns Of 'Serious Escalatory Tit-For-Tat Cycle' If Iran Strikes Back, Raising Fears Of 'Wider War' In Middle East

In a significant move, the Biden administration has announced a temporary pause on pending decisions of liquefied natural gas (LNG) exports on Friday. The <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/01/26/statement-from-president-joe-biden-on-decision-to-pause-pending-approvals-of-liquefied-natural-gas-exports/">statement </a>from President Joe&nbsp;Biden emphasized the need to scrutinize the impacts of LNG exports on energy costs, America&#8217;s <a href="https://www.benzinga.com/markets/equities/24/01/36663480/natural-gas-data-sparks-optimism-for-chevron-bp-shell-and-natural-gas-etfs">energy security and the environment.</a>
&#8220;This pause on new LNG approvals sees the climate crisis for what it is: the existential threat of our time,&#8221; President Biden said in a statement released Friday. 
Related News: <a href="https://www.benzinga.com/markets/equities/24/01/36663480/natural-gas-data-sparks-optimism-for-chevron-bp-shell-and-natural-gas-etfs">Natural Gas Data Sparks Optimism For Chevron, BP, Shell And Natural Gas ETFs</a>
Shares of LNG exporters, including Cheniere Energy, Inc. (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/LNG#AMEX">LNG</a>) and Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), are under close watch after the President&#8217;s pause on pending decisions of LNG exports was announced.
Investors are also watching the United States 12 Month Natural Gas ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNL#NYSE">UNL</a>) and United States Natural Gas ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNG#NYSE">UNG</a>) following the announcement. 
LNG, XOM Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, shares of Cheniere Energy are up 1.82% at $167.20 at the time of publication. 
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Movers & Shakers

President Biden Announces LNG Export Decisions Pause

The International Energy Agency (IEA) has projected an enduring slowdown in oil demand until 2024, a viewpoint that starkly clashes with the optimistic forecasts of the Organization of the Petroleum Exporting Countries (OPEC).
What Happened: As <a href="https://www.cnbc.com/2023/12/14/iea-says-oil-demand-slowdown-to-persist-in-2024-amid-oversupply-fears.html">reported</a> by CNBC on Thursday, the IEA perceives a softening global oil demand, predicting this trend to persist into 2024. The stance is strikingly different from that of OPEC and its affiliates, collectively referred to as OPEC+.
The IEA has observed a &#8220;decidedly bearish&#8221; sentiment in the oil market in recent weeks, despite OPEC+&#8217;s November 30 announcement of voluntary production cuts in the first quarter of the upcoming year.
See Also: <a href="https://www.benzinga.com/markets/cannabis/23/12/36212369/30-40-times-higher-thc-levels-than-permitted-found-in-mississippi-weed-products-gop-rep-will-add?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">30-40 Times Higher THC Levels Than Permitted Found In Mississippi Weed Products, GOP Rep. Will Address Si</a>
In its latest monthly oil market report, the IEA anticipates global oil demand to increase by 2.3 million barrels per day to 101.7 million barrels per day in 2023. Nonetheless, it cautions that this forecast &#8220;masks the impact of a further weakening of the macroeconomic climate.&#8221; 
The IEA projects a halving of oil consumption growth next year, reducing to 1.1 million barrels per day as global economic growth remains subpar in major economies and Covid-19-related distortions diminish.
On the other hand, OPEC, in its most recent monthly report, expressed &#8220;cautious optimism&#8221; about oil market dynamics in 2024 and sustained its relatively high oil usage forecast for the coming year.
Why It Matters: The IEA&#8217;s warnings of a continual oil demand slowdown come on the heels of the <a href="https://www.benzinga.com/news/23/12/36215596/oil-prices-under-pressure-as-cop28-climate-summit-agrees-to-energy-transition">COP28 climate summit&#8217;s landmark agreement</a> to transition from fossil fuels and enhance commitments to renewable energy sources. The decision has placed oil prices under pressure.
On Wednesday, crude oil prices were trading under strain while the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), an ETF tracking the price of light sweet crude, was down 0.2% in pre-market trade following a 3.8% loss on Tuesday. 
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36170646/as-bitcoin-ethereum-correct-340m-in-long-positions-liquidated-peter-schiff-says-king-crypt?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As Bitcoin, Ethereum Correct, $340M In Long Positions Liquidated: Peter Schiff Says King Crypto &#8216;Getting A Bigger Beatdown Than The Eagles&#8217;</a>
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IEA Forecasts Slowdown In Oil Demand, Contrasts Positive Outlook By OPEC+

The COP28 Presidency released a proposed climate deal text on Wednesday, emphasizing a significant shift from fossil fuels to combat climate change. 
What Happened: Reuters reports that this development marks a first in the COP summit&#8217;s three-decade history, proposing &#8220;transitioning away from fossil fuels in energy systems&#8221; to achieve net zero by 2050, aligned with scientific recommendations. However, the deal has sparked controversy for insufficient financial and equity provisions for developing nations and resistance from major oil-producing countries, including OPEC members.
See Also: <a href="https://www.benzinga.com/news/23/12/36190857/12-year-old-climate-activist-storms-cop28-summit-in-dubai-demands-ending-fossil-fuel-usage">12-Year-Old Climate Activist Storms COP28 Summit In Dubai, Demands Ending Fossil Fuel Usage</a>
Why It Matters: The proposal&#8217;s significance lies in its potential to redefine global energy policies, despite facing opposition from oil producers and criticism for overlooking financial support for vulnerable nations. This echoes concerns <a href="https://www.benzinga.com/news/23/12/36192212/cop28-drafts-overlook-of-fossil-fuel-phaseout-sparks-international-outcry-there-are-elements-that-ar">raised at the summit</a>, where key stakeholders expressed disappointment over the previous draft&#8217;s failure to enforce fossil fuel phase-out. 
Sultan Al Jaber, COP28 President and CEO of the Abu Dhabi National Oil Company, has reiterated respect for scientific findings while seeking greater flexibility from participating nations. 
Read Next: <a href="https://www.benzinga.com/pressreleases/23/12/n36064820/cop28-the-rockefeller-foundation-acen-corporation-monetary-authority-of-singapore-partner-to-explo">COP28: The Rockefeller Foundation, Acen Corporation, Monetary Authority of Singapore Partner To Explore Green Finance Options</a>
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COP28 Draft Proposes Historic Shift From Fossil Fuels Amid Global Debate

U.S. households that primarily use natural gas for heating will spend an average of $931 on heating during the October to March winter season, according to a recent report by the U.S. Energy Information Administration.&nbsp;
That&rsquo;s 28% more than they spent last year.
As expected, natural gas producers are making extra profits with prices rising well above averages for the last 10 years. These include companies like EQT Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/eqt#NYSE">EQT</a>), Coterra Energy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ctra#NYSE">CTRA</a>), Southwestern Energy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/swn#NYSE">SWN</a>) and Chesapeake Energy (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/chk#NASDAQ">CHK</a>), Chevron (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvx#NYSE">CVX</a>) and Exxon Mobile (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xom#NYSE">XOM</a>).
See Also: <a href="https://www.benzinga.com/news/22/10/29130581/mild-winter-ahead-in-europe-heres-what-natural-gas-prices-are-reflecting">Mild Winter Ahead In Europe? Here&#39;s What Natural Gas Prices Are Reflecting</a>
Furthermore, the EIA is expecting household consumption of natural gas to climb 5% this year due to possible colder temperatures. But even as consumption and prices rise, those invested in the stock market could see their higher heating bills&nbsp;balanced out by gains in share prices.
After all, ETFs in the natural gas sector have largely outperformed the market in 2022:
<ul>
<li>The United States 12 Month Natural Gas Fund LP ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/unl#NYSE">UNL</a>) has risen 72.5% since January.</li>
<li>The United States Natural Gas Fund LP (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ung#NYSE">UNG</a>) is up 55% since January.</li>
<li>The iPath Series B Bloomberg Natural Gas Subindex Total Return ETN, an exchange-traded note, is up 57.8% since January (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gaz#NYSE">GAZ</a>).</li>
</ul>
New England Faces Expensive Winter
When it comes to natural gas prices, the U.S. is in a much better position than the European Union, where prices have risen sharply due to the war in Ukraine and Russia&#39;s cutting the region off <a href="https://www.benzinga.com/news/22/10/29355022/as-putins-gas-cuts-fuel-energy-crisis-eu-takes-emergency-actions">from its pipelines</a>.
Still, natural gas is the primary heating source for approximately 47% of U.S. homes as well as the largest source of electricity in the country. And prices are expected to spike again in December and January as temperatures plummet.
New England is in a tough spot due to a lack of natural gas pipelines, which forces the region to rely on liquefied natural gas shipped from overseas.
Anticipation for the winter built up strong demand for natural gas imports, which could lead to New England and the Northeast region seeing larger spikes in energy prices than other parts of the country.
The Midwest is another region that is likely to see natural gas prices spike above the national average, according to Energy Information Administration data.
<h3>Global LNG Exports</h3>
The U.S. produces so much liquified natural gas that it&rsquo;s about to become the world&rsquo;s largest exporter, according <a href="http://www.forbes.com/sites/rrapier/2022/09/25/us-natural-gas-production-sets-a-new-record-but-dont-expect-relief-on-your-heating-bills/">to</a> Forbes. This has had tough&nbsp;consequences for domestic natural gas prices.
U.S. companies now prefer to export rather than supply to the local market given that substantially better prices are paid abroad.
Average natural gas production in 2022 has surpassed all previous years and is in line to reach a historical record. But while production is at an all-time high, the inventory of natural gas is at historical low, according <a href="http://www.reuters.com/business/energy/exclusive-white-house-rules-out-ban-natural-gas-exports-this-winter-2022-10-04/">to</a> Reuters.
The U.S.&rsquo;s incursion into the global exports market comes at the expense of American homes, but helps European allies. Earlier this month, the White House ruled out a ban on limiting natural gas exports to Europe for the coming winter as an act of friendship amid geopolitical tension.
Shutterstock image.

Long Ideas

Eurozone

Futures

CTRA

The War In Ukraine Could Bring Higher Winter Heating Bills In The US: How Investors Can Make Up The Difference

It&#39;s no secret natural gas and the related exchange traded funds <a href="https://www.benzinga.com/news/18/11/12699102/natural-gas-prices-rise-amid-supply-concerns-cold-weather-forecast">are setting a torrid pace</a>. Led by the United States Natural Gas Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ung#NYSE">UNG</a>), the de facto ETF choice for exposure to this commodity, three of the seven ETFs that hit 52-week highs Wednesday were natural gas products.
On volume that was more than 13 times the daily average, UNG soared 18.9 percent Wednesday, good for one of the best percentage gains among non-leveraged ETFs.
<h3>What Happened</h3>
UNG, which tracks front-month natural gas futures, is up more than 68 percent year-to-date, well ahead of the 1 percent returned by the S&amp;P GSCI Total Return Index, a broad commodities benchmark. Wednesday was the biggest intra-day gain for natural gas in more than 14 years. Dwindling supplies ahead of colder winter temperatures are among the factors boosting the commodity.
&ldquo;U.S. supplies of natural gas in storage stand about 16% below their five-year average as of the week ended Nov. 2, according to data from the Energy Information Administration, which will issue its latest updated supply figures Thursday morning,&rdquo; <a href="https://www.marketwatch.com/story/natural-gas-prices-just-booked-the-largest-daily-percentage-gain-in-14-years-up-18-2018-11-14">reports MarketWatch</a>.
<h3>Why It&#39;s Important</h3>
The United States 12 Month Natural Gas Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/unl#NYSE">UNL</a>) joined UNG in the natural gas party. UNL tracks a basket of longer-dated natural gas futures in an effort to reduce investors&#39; potential exposure to contango, the scenario where a commodity&#39;s futures price is above the expected spot price.
UNL isn&#39;t nearly as heavily traded as UNG, but the former hit a 52-week high yesterday, jumping 7.34 percent on volume that was more than seven times the daily average. Some of the ebullience aimed at natural gas and products like UNG and UNL is attributable to short covering. The commodity is up 35 percent just this month, a move that has forced bearish traders to cover short positions. Expectations for cold weather are helping, too.
&ldquo;The panic was not limited to traders covering their shorts&mdash;Jacob Meisel, chief weather analyst at Bespoke Weather Services claimed that prices could reach $7-$8 MMBtu if December and January were really cold,&rdquo; <a href="https://oilprice.com/Energy/Gas-Prices/Natural-Gas-Prices-Soar-To-9-Year-Highs-As-Cold-Forecast-Bites.html">according to OilPrice.com.</a>
<h3>What&#39;s Next</h3>
Interestingly, fourth-quarter flows to UNG and UNL have been modest. As of Nov. 13, UNG had $5 million of fourth-quarter inflows while UNL had no inflows or outflows for the current quarter.
Related Links:
<a href="https://www.benzinga.com/news/earnings/18/11/12675707/time-to-go-shopping-with-this-retail-etf">Time For This Retail ETF</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/18/11/12656185/the-us-china-and-one-internet-etf#/null">Another China Internet ETF Debuts</a>

Nat Gas ETFs: The Hottest Game In Commodities

The year 2017 was great for the market with the S&amp;P 500-based ETF SPDR S&amp;P 500 ETF SPY, SPDR Dow Jones Industrial Average ETF DIA and PowerShares QQQ ETF QQQ adding about 18.9%, 25.1% and 31.1%, respectively (as of Dec 28, 2017).
But not all ETFs and asset classes were winners in the year. There were some corners that lost in 2017 but have chances of rebounding in the first quarter of 2018. &nbsp;
Energy 
Oil prices made a sharp comeback to close out the year 2017, though the whole year was not so smooth. Oil hovered around the highest level in more than <a href="http://calgaryherald.com/business/energy/oil-trades-near-two-year-high-after-libya-pipeline-explosion">two years</a> after a pipeline explosion limited output in OPEC member Libya.
West Texas Intermediate futures changed little in New York, having jumped over $60 a barrel on Dec 26 for the first time <a href="http://calgaryherald.com/business/energy/oil-trades-near-two-year-high-after-libya-pipeline-explosion">since 2015</a>. United States Oil USO is up 4.6% so far this year (as of Dec 28, 2017).
But the constant oil price volatility hurt energy ETFs like Guggenheim S&amp;P 500 Equal Weight Energy ETF RYE (down 9.6%) and Energy Select Sector SPDR Fund XLE (down 4.9%). But both funds gained considerably in the last one month. XLE went up 6.5% while RYE gained about 7.8% during this timeframe (as of Dec 28, 2017) (read: <a href="https://www.zacks.com/stock/news/286876/energy-etfs-head-to-head-xle-vs-iye">Energy ETFs Head to Head: XLE vs. IYE</a>).
Investors should also note that the OPEC output cut deal too should give a boost to oil prices and help energy ETFs. Plus, natural gas ETFs enjoy a seasonal benefit in the first quarter as extreme cold boosts demand for heating. This should keep United States Natural Gas UNG and United States 12 Month Natural Gas UNL on an upward trajectory. UNG gained about 10.7% in the last five days (as of Dec 28, 2017).
Coffee
Coffee prices were down about 20.6% in 2017 (as of Dec 28, 2017). But lately coffee prices are staging an uptrend. In the last five days (as of Dec 28, 2017), iPath Bloomberg Coffee SubTR ETN JO added about 2.9%. Rabobank expects a revival in arabica coffee prices. The agency sees chances of a return to a world <a href="https://www.agrimoney.com/commodities/commodities/rabobank-no-more-bearish-on-coffee-prices-despite-raising-supply-hopes-47229">output deficit in 2019-20</a>. The bank sees global coffee production surplus of 4.1m bags, as expected for 2018-19, as &quot;relatively small.&quot;
Telecom
With tax reform seeing the light of the day, hopes are high that other Trump-induced agenda will also pass in the coming days. In a move to bolster deregulation in the telecom space, Federal Communications Commission (FCC) repealed &quot;net neutrality&quot; in December, &quot;in <a href="http://www.baltimoresun.com/news/opinion/oped/bs-ed-op-1228-net-neutrality-20171221-story.html">a 3-2 vote</a> along party lines.&quot;
The rules so far have prevented high-speed Internet service providers (I.S.P), from stopping or slowing down the delivery of websites. They also inhibited companies from charging customers additional fees for&nbsp;<a href="https://www.nytimes.com/2017/11/21/technology/fcc-net-neutrality.html">high-quality streaming and other services</a>, as per the source.
Abandoning of the discriminatory policy in turn results in lower investments in the high-speed broadband sector. Though <a href="https://morningconsult.com/2017/12/28/cybersecurity-concerns-net-neutrality-repeal-led-2017-tech-policy-with-2018-legislative-and-legal-fights-looming/">prolonged legal and legislative battles</a> are expected in 2018 on this, telecom funds like Vanguard Telecommunication Services ETF VOX may benefit (read: <a href="https://www.zacks.com/stock/news/284143/etf-winners-amp-losers-if-fcc-repeals-net-neutrality">ETF Winners &amp; Losers if FCC Repeals Net Neutrality</a>).

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Broad U.S. Equity ETFs

SPDR Dow Jones Industrial Average ETF Trust

iPath DJ-UBSffee Subindex Total Return ETN

Rydex ETF Trust Rydex S&P Equal Weight Energy ETF

3 ETF Losers Of 2017 That Can Rebound In Q1

Natural gas fund Cogent Energy Investment Management LLC has been shut down, according to a source intimately involved in the space. Traders Benzinga spoke with are attributing Tuesday&#39;s natural gas futures performance to the closure.

	The commodity responded as reports of Cogent&#39;s closure circulated, spiking from an intra-day low just under $1.69 to a high of almost $1.77. Natural gas futures were volatile, up about 5 percent on the session.

	The fund, created by three former Enron traders according to <a href="http://www.bloomberg.com/news/articles/2014-02-11/former-enron-trading-trio-gains-as-winter-heating-demand-surges">Bloomberg</a>, was launched in January 2013. Founders Fletcher Sturm, Robert Benson and Frank Ermis also worked at JPMorgan Chase and Barclays before starting Cogent, Reuters <a href="http://www.reuters.com/article/cogent-hedgefund-idUSL1E8MSCAL20121129">reported</a>&nbsp;in 2012.
Reuters also reported reported Cogent management was "set to close shop."

	In a comment to Benzinga, Cogent denied the reports, stating it is not closing its natural gas fund.

Rumors

Hedge Funds

Market-Moving Exclusives

Exclusives

DGAZ

UGAZ

Source: Energy Fund Started By Ex-Enron Traders Has Closed Down, Affecting Natural Gas Futures

Shares of the following exchange traded funds are trading more than 20 percent higher than 90 days ago, and they are within 10 percent of their 52-week highs. 

This set of ETFs provides a peek at areas of investor interest during and after the holiday shopping season, as uncertainty over the Federal Reserve's quantitative easing faded, during the six percent market correction and one of the most brutal winters in years.

First Trust NYSE Arca Biotech Index (NYSE: <a class="ticker" href="/stock/fbt#NYSE">FBT</a>) is up more than 12 percent year to date and hit a new multiyear high on Friday. A recent pullback in the biotechnology sector has been quite shallow and signs suggest that the correction may already be over.

The investment tracks the price and yield the NYSE Arca Biotechnology Index, an equal-dollar weighted index designed to measure the performance of a cross-section of biotech companies that are primarily involved in the use of biological processes to develop products or provide services. Top holdings include Alexion Pharmaceuticals, Ilumina and Myriad Genetics.

iShares Nasdaq Biotechnology (NASDAQ: <a class="ticker" href="/stock/ibb#NASDAQ">IBB</a>) has risen more than 21 percent in the past 90 days to reach a new 52-week high on Friday. The speculative fervor that investors have for the biotech sector continues to be very strong.

This non-diversified fund seeks to track the investment results of an index of equities listed on the Nasdaq that are classified according to the Industry Classification Benchmark as either biotechnology or pharmaceuticals and that also meet other eligibility criteria. Top holdings include Celgene, Gilead Sciences and Amgen.

See also: <a href="http://www.benzinga.com/news/14/02/4298500/five-ways-to-deal-with-the-changing-market-environment">Five Ways To Deal With The Changing Market Environment</a>

Market Vectors Biotech ETF (NYSE: <a class="ticker" href="/stock/bbh#NYSE">BBH</a>) is about 14 percent higher than at the beginning of the year and reached a multiyear high on Friday. Among the drivers of the growth in biotech are an increase in mergers and acquisitions, as well as a boom in health care in emerging markets.

The investment seeks to replicate the price and yield performance of the Market Vectors U.S. Listed Biotech 25 Index, which is comprised of common stocks and depositary receipts of U.S. exchange-listed companies in the biotechnology sector. Top holdings in this ETF include Gilead Sciences, Amgen and Biogen Idec.

PowerShares Dynamic Biotech &amp; Genome (NYSE: <a class="ticker" href="/stock/pbe#NYSE">PBE</a>) is trading more than 22 percent higher than three months ago and almost 76 percent higher than a year ago. It also hit a 52-week high on Friday. The growing population of the insured due to the Affordable Care Act has been a positive for the health care sector. 

The investment seeks results that generally correspond to the price and yield of the Dynamic Biotechnology &amp; Genome Intellidex Index, which is composed of common stocks of 30 U.S. biotechnology and genome companies. The fund's top holdings include Illumina and Alexion Pharmaceuticals.

SPDR S&amp;P Biotech (NYSE: <a class="ticker" href="/stock/xbi#NYSE">XBI</a>) is almost 19 percent higher since the beginning of the year, but now down less than three percent from the 52-week high reached in January. The momentum in biotechnology stocks recently is due in part to the interest of institutional investors.

The investment seeks investment results that correspond generally to the total return performance of the S&amp;P Biotechnology Select Industry Index, which represents the biotechnology industry group of the S&amp;P Total Market Index. Top holdings include Intercept Pharmaceuticals and ARIAD Pharmaceuticals.

See also: <a href="http://www.benzinga.com/etfs/sector-etfs/14/02/4311279/2-metal-etfs-that-cannot-be-ignored">Two Metal ETFs That Cannot Be Ignored</a>

United States Natural Gas (NYSE: <a class="ticker" href="/stock/ung#NYSE">UNG</a>) is trading more than 38 percent higher than three months ago, including a six percent pop in the past week as shares recover from a more than 10 percent pullback from a 52-week high earlier in the month. Cold weather has led to dwindling natural gas inventories.

The investment seeks to replicate the performance, net of expenses, of natural gas. The trust invests in futures contracts on natural gas traded on the NYMEX that are the near month contract to expire. 
The fund was established in April of 2007.

United States 12 Month Natural Gas (NYSE: <a class="ticker" href="/stock/unl#NYSE">UNL</a>) is almost 22 percent higher over the past three months and less than a buck a share from reclaiming the 52-week high set last May. Investors can take a smaller position through natural gas ETFs than through directly trading in natural gas futures.

The investment seeks to reflect the changes of the spot price of natural gas delivered at the Henry Hub, Louisiana, as measured by the changes in the average of the prices of 12 futures contracts on natural gas traded on the NYMEX. The fund generally consists of the near month contract to expire and the contracts for the following eleven months.

At the time of this writing, the author had no position in the mentioned equities.

Keep up with all the latest breaking news and trading ideas by following us on <a href="https://twitter.com/Benzinga">Twitter</a>.

First Trust NYSE Arca Biotechnology Index Fund

PowerShares ETF Trust Dynamic Biotech & Genome Port

Biotech And Natural Gas ETFs On A Roll

U.S. equities have not impressed over the past three months. In that time, the SPDR S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>) is off almost one percent. The SPDR Dow Jones Industrial Average (NYSE: <a class="ticker" href="/stock/dia#NYSE">DIA</a>) has slid 1.4 percent while the PowerShares QQQ (NASDAQ: <a class="ticker" href="/stock/qqq#NASDAQ">QQQ</a>) has given up 3.2 percent.

Those are the type of statistics that imply finding winners is hard these days. The task is made even trickier for ETF investors looking for those products that have jumped at least 10 percent in the past 90 days. When ETFs and ETNs <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/07/2746703/beyond-corn-other-ways-to-play-the-commoditys-surge">with significant corn exposure</a> are left out of the equation, the task gets even harder.

Fortunately, investors can find some solace in knowing that there is a surprisingly high number of ETFs and ETNs that have posted double-digit gains in the past 90 days, many of which are not leveraged products. 

Teucrium Agricultural Fund (NYSE: <a class="ticker" href="/stock/tags#NYSE">TAGS</a>)
The Teucrium Agricultural Fund does have significant exposure to corn futures, but it is also fair to say this thinly traded product (TAGS has not traded yet on July 16) is going unnoticed. TAGS is basically a fund of funds and the other funds tracked by TAGS are the Teucrium Corn Fund (NYSE: <a class="ticker" href="/stock/corn#NYSE">CORN</a>), Teucrium Soybean Fund (NYSE: <a class="ticker" href="/stock/soyb#NYSE">SOYB</a>), Teucrium Sugar Fund (NYSE: <a class="ticker" href="/stock/cane#NYSE">CANE</a>) and Teucrium Wheat Fund (NYSE: <a class="ticker" href="/stock/weat#NYSE">WEAT</a>).

The allocations to CORN and WEAT have been enough to propel TAGS to a one-month gain of 30.4 percent. That alone is enough to make one wonder why TAGS does not garner more press and why it is so thinly traded.

United States 12 Month Natural Gas Fund (NYSE: <a class="ticker" href="/stock/unl#NYSE">UNL</a>)
When it comes to ETFs that track natural gas futures, the United States Natural Gas Fund (NYSE: <a class="ticker" href="/stock/ung#NYSE">UNG</a>) dominates the conversation. However, UNG is controversial because it tracks the near-month NYMEX natural gas contract, meaning it has to roll futures contracts every month, leading to increased expenses for investors. 

On the other hand, UNL tracks 12 months worth of natural gas futures contracts. That does lead to a performance gap as UNG is up 26 percent in the past three months compared to a gain of almost 11 percent for UNL. Neither ETF is particularly cheap, but UNL is cheaper with a total expense ratio of 0.92 percent compared to 0.97 percent for UNG.

PowerShares Dynamic Biotechnology &amp; Genome Portfolio (NYSE: <a class="ticker" href="/stock/pbe#NYSE">PBE</a>)
Biotechnology ETFs have been <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/07/2713872/etfs-winners-that-could-keep-their-momentum-ephe-fbt-xhb">stalwarts for all of 2012</a>, but it has really been three ETFs commanding the bulk of the attention. 

The returns delivered by the likes of the SPDR S&amp;P Biotechnology ETF (NYSE: <a class="ticker" href="/stock/xbi#NYSE">XBI</a>) and its most direct rivals have cast a long shadow over PBE, but that does obfuscate the fact that this PowerShares offering is solid biotech play in its own right. Now seven-years-old, PBE has $138 million in assets under management, a number that implies the fund is not destined for the ETF graveyard anytime soon. 

To PBE's credit, it does a good job of mixing in the largest biotech names such as Amgen (NASDAQ: <a class="ticker" href="/stock/amgn#NASDAQ">AMGN</a>) and Biogen (NASDAQ: <a class="ticker" href="/stock/biib#NASDAQ">BIIB</a>) with mid-cap issues such as BioMarin Pharmaceuticals (NASDQ: BMRN) and Life Technologies (NASDAQ: <a class="ticker" href="/stock/life#NASDAQ">LIFE</a>).

For more on obscure ETFs, click <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/07/2746462/4-thinly-traded-em-etfs-outpacing-more-popular-rivals">here</a>.

Short Ideas

New ETFs

Intraday Update

After-Hours Center

AMGN

BIIB

CANE

CORN

LIFE

SOYB

WEAT

3 Unheralded ETFs Up More Than 10% in the Past 90 Days (PBE, TAGS)

Teucrium Trading last week (2/1/11) launched the Teucrium Natural Gas Fund (NAGS), providing investors with unleveraged exposure to natural gas futures contracts.  The fund's stated objective is to reflect the daily percentage change in the next March, April, October, and November Henry Hub Natural Gas Futures Contracts, weighted 25% equally in each contract month, less expenses.
Teucrium believes this methodology is “designed to reduce the effects of contango and backwardation”.  Why the four contracts are concentrated in spring and fall and not equally spread across 12 months is not clear.  Current <a href="http://teucriumnagsfund.com/holdings/holdings" target="_blank">holdings</a> are the April 2011, October 2011, November 2011, and March 2012 contracts.  The NAGS website also provides details on the fund's planned <a href="http://teucriumnagsfund.com/holdings/roll-dates" target="_blank">roll dates</a>.
<a href="http://en.wikipedia.org/wiki/Contango" target="_blank">Contango</a> has been a persistent problem in the natural gas markets.  United States Commodity Funds introduced the United States 12 Month Natural Gas Fund (<a class="ticker" href="/stock/unl#">UNL</a>) more than 14 months ago as a way to mitigate the effects of contango.  Our article, <a href="http://investwithanedge.com/will-unl-work-better-than-ung" target="_blank">Will UNL Work Better Than UNG?</a>, described some of the problems facing natural gas funds.
NAGS will compete against three existing natural gas futures ETPs:
United States Natural Gas Fund (<a class="ticker" href="/stock/ung#">UNG</a>) has 100% exposure to nearest month contract and rolls 100% of its portfolio every month with a 0.60% management fee.
United States 12 Month Natural Gas Fund (<a class="ticker" href="/stock/unl#">UNL</a>) has equal exposure to nearest month contract and the next eleven months.  It rolls about 8.3% of its portfolio every month with a 0.75% management fee.
iPath DJ-UBS Natural Gas Total Return ETN (<a class="ticker" href="/stock/gaz#">GAZ</a>) is an <a href="http://investwithanedge.com/open-letter-to-etn-sponsors" target="_blank">exchange-traded note</a> linked to the performance of an index that has 100% exposure to nearest month contract and rolls 100% of its portfolio every month.  GAZ has a 0.75% annual fee.
NAGS 1.00% management fee is the highest of the four products and the “4 month” structure would appear to place it between the “1 month” UNG and the “12 month” UNL when it comes to combating contango.  Unless I am missing something, UNL seems like the best contango fighter of the group.
Additional information is located at the <a href="http://teucriumnagsfund.com/" target="_blank">NAGS home page</a>, <a href="http://www.teucriumnagsfund.com/images/downloads/fact_sheets/2.%20Feb%20Factsheet.pdf" target="_blank">fact sheet</a> (pdf), and <a href="http://teucriumnagsfund.com/pdfs/nags-prospectus.pdf" target="_blank">prospectus</a> (pdf).  The <a href="http://teucriumnagsfund.com/literature/news/item/84-two-new-energy-funds-2" target="_blank">press release</a> also mentions that the Teucrium WTI Crude Oil Fund (CRUD) is expected to be trading by the end of the month.
Disclosure covering writer, editor, and publisher:  No positions in any of the securities mentioned.  No positions in any of the companies or ETF sponsors mentioned.  No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.
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Teucrium Natural Gas Fund (NAGS) Now Trading

Don't let current natural gas prices spook you. In this market, the most important word to remember is “seasonality.”(...)Read the rest of How To Profit From The Flat Natural Gas Curve (NYSE: <a class="ticker" href="/stock/ung#NYSE">UNG</a>), (NYSE: <a class="ticker" href="/stock/unl#NYSE">UNL</a>) 
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How To Profit From The Flat Natural Gas Curve (NYSE:UNG), (NYSE:UNL)

United States Commodity Funds is set to begin trading the “United States Commodity Index Fund” ETV (NYSE:USCI) tomorrow August 10th. United States Commodity Index Fund (“USCI”) is a commodity pool that is a series of United States Commodity Index Funds Trust (“Trust”), a Delaware(...)Read the rest of United States Commodity Funds Set To Begin Trading [...]
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United States Commodity Funds Set To Begin Trading The United States Commodity Index Fund ETV (USCI) Tomorrow August 10th

Direxion is set to begin trading four new leveraged retail and natural gas ETFs tomorrow July 14. The new funds are the Direxion Daily Retail Bull 2X Shares (RETL), the Direxion Daily Retail Bear 2X Shares (RETS), the Direxion Daily Natural Gas Related Bull 2X Shares (FCGL) and the Direxion Daily(...)Read the rest of Direxion [...]
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Direxion To Begin Trading Four New Leveraged Retail And Natural Gas Bull And Bear ETFs Tomorrow July 14 (RETL, RETS, FCGL, FCGS)

“You probably already know there’s a phenomenal investment opportunity in natural gas right now. But here’s the background… Natural gas is an extremely useful fuel. In 500 BC, the Chinese(...)Read the rest of Getting In On The Bottom With Natural Gas ETFs (UNG, UNL, GAZ, FCG, IEZ, WCAT) 
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