Analysis for United States Natural Gas Fund
Description & usage
The United States Natural Gas Fund tracks U.S. natural-gas prices through futures exposure. Performance is highly sensitive to seasonality, storage levels, and short-term market tightness. Key drivers are weather patterns, production volumes, LNG export dynamics, and futures-curve shape.
Basic info
- Symbol
- UNG
- Type
- ETF
- Region
- US
- Sector
- Commodities
- Available history
- 11.2 years
- Last trading day
- 04/02/2026
- TER
- –
Basic info
- Symbol
- UNG
- Type
- ETF
- Region
- US
- Sector
- Commodities
- Available history
- 11.2 years
- Last trading day
- 04/02/2026
- TER
- –
Market context
- DXY
- 120.89
- US 10Y Real
- 1.99%
- Fed Balance
- $6.68T
- CPI YoY
- 2.4%
- Fed Rate
- 3.75%
- US 10Y
- 4.35%
- VIX
- 24.54
- HY OAS
- 3.17%
- Brent
- $121.88
- Core CPI
- 2.5%
- US 2Y
- 3.84%
- ISM PMI
- –
Score overview
The overall score combines Performance, Stability and Trend into one comparable value.
Market context
- DXY
- 120.89
- US 10Y Real
- 1.99%
- Fed Balance
- $6.68T
- CPI YoY
- 2.4%
- Fed Rate
- 3.75%
- US 10Y
- 4.35%
- VIX
- 24.54
- HY OAS
- 3.17%
- Brent
- $121.88
- Core CPI
- 2.5%
- US 2Y
- 3.84%
- ISM PMI
- –
Analysis summary
Technical asset picture
United States Natural Gas Fund (UNG) currently has a total score of 8 points, placing it in the very weak range. The score is made up of Performance (3), Stability (10) and Trend (17). All three sub-scores are currently below average.
Performance scores 3 points (very weak). Least weak metric: 1Y return at -45.2 %. Main drag: 10Y return at -88.9 %. This points to a sharper upswing more recently.
Stability scores 10 points (very weak). Least weak metric: Sharpe ratio (90d) at -0.42. Main drag: current drawdown at -95.3 %. Higher Stability points are better and typically reflect calmer swings and smaller drawdowns-but prices can still fall.
Trend scores 17 points (very weak). Trend signals are mostly negative right now. Least weak metric: trend strength at -0.45. Main drag: 12M momentum at -43.1 %.
Overall, the picture is very weak: none of the three dimensions shows a clear strength. On a metric level, trend strength stands out, while 10Y return lags.
Current market backdrop
The backdrop currently looks mixed and rather restrictive.
A strong US dollar currently paints a mixed risk picture.
High US real yields and elevated long yields lean toward a restrictive rate backdrop.
What that typically means here
For energy and oil-linked assets, higher Brent typically leans supportive.
Note: ISM PMI was not used actively in the effect logic.
Historical evaluation and qualitative market context only, not investment advice.
Price chart
Use the chart to read recent price behavior before drilling into metrics.
Scores and metrics
Explore the overall score, the three pillar scores, and the metrics behind them.