Natural gas exchange-traded funds could find support as the United States plans to raise exports of liquefied natural gas to energy-starved European markets this year.
The United States Natural Gas Fund (NYSEArca: UNG) increased 51.9% year-to-date. Meanwhile, Nymex natural gas futures have surged to $5.55 per million British thermal units.
As Western countries cut ties with Russia in response to Moscow’s decision to invade Ukraine, Europe could turn to U.S. liquefied natural gas to help fill the gap left by Russian energy.
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