Natural gas has been on a nice ride since Spring, but while UNG has tracked front-month gas...

|By:, SA News Editor

Natural gas has been on a nice ride since Spring, but while UNG has tracked front-month gas futures higher, GAZ has actually lost money. The issue: GAZ is an ETN closed to new creations since 2009, and its premium to NAV has fallen from 95% to 15%. If you're holding GAZ, you're betting on its premium, not natural gas prices.