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Monday, July 20, 2009

The Hits Keep Coming For Natural Gas Fund

News summary by MFWire's editors

Bloomberg's Asjylyn Loder reports that the U.S. Natural Gas Fund's struggles will continue through the end of this year, as it has plummeted over 43 percent amid record-high gas inventories and sinking seasonal prices. The largest natural gas ETF's performance issues have been compounded by the fact that the SEC did not permit the fund to sell new shares after reaching over 347 million shares on July 7th, as reported earlier this month by The MFWire.

Although the $4.6-billion fund has had its number of shares increase 11-fold, it is awaiting SEC approval to allow investors to purchase a billion more. The commodity-backed fund may get its answer shortly after the Commodity Futures Trading Commission hold hearings this July to confine the number of how many oil and gas shares speculators and even ETFs can obtain. 

Edited by: John Alzate

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