While you wouldn't expect it from the price of natural gas, trading in the natural gas ETF (UNG) has recently become extremely active. For much of the last few years, investors who wanted exposure to energy related commodities bought USO. Over the last several weeks, however, investors have been increasingly flocking to natural gas. Over the last 50 trading days, the total dollar value of trading in UNG has risen to 77% of the dollar volume in USO, and it is up over 900% from levels we saw in March (7.6%). For all the new buyers of UNG, if only the price of natural gas could follow suit.
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