Natural Gas 3X Long ETN Velocityshares (UGAZ)

Natural gas futures (NG1:COM) settle +6.2% to $1.785/MMBtu for their highest close since July 10, as traders watch a tropical depression building off the coast of Texas that may develop into Tropical Storm Hanna."The storm is likely to hit an area with offshore oil and gas production assets, which may temporarily reduce gas production in the near-term," writes Schneider Electric commodity analyst Christin Redmond."f forecasts begin to call for late summer heat waves, we could see nat gas make a run back above the $2.00 mark," Redmond adds.Meanwhile, weekly U.S.

Buyers of liquefied natural gas from the U.S. continued to cancel September loadings due to weak global gas demand but fewer cargoes were canceled than for July and August, Reuters reports.The exact number of cancellations is not known, with sources estimating as few as 15 or more than 26, but the estimates were well below the 40-45 cancellations reported in both July and August.A possible reason that fewer cargoes might have been canceled in September was that traders were betting prices would rise by November and December, with some tankers already holding cargoes at sea for sale later, probably in Asia.Most of the cargoes were said to be canceled from Cheniere Energy's (NYSEMKT:LNG) Sabine Pass nd Corpus Christi plants, similar to previous months.ETFs: UNG, UGAZ, DGAZ, BOIL, FCG, KOLD, UNL, GAZ, GAZB.

EIA Natural Gas Inventory: +45 Bcf vs. +47 Bcf consensus, +56 Bcf last week.Futures (NG1:COM +0.2%)ETFs: UNG, DGAZ, UGAZ, BOIL, KOLD, UNL..

Crude oil futures (CL1:COM) rise after the U.S. reports the biggest weekly decline in crude inventories so far this year, even as OPEC+ agreed to taper record production cuts of 9.7M bbl/day down to 7.7M bbl/day starting next month and lasting through the end of the year.Domestic crude supplies fell by 7.5M barrels for the week ending July 10, far more than a forecast by analyst polled by S&P Global Platts for an average decline of 2.1M barrels; the American Petroleum Institute yesterday reported a draw of 8.3M barrels."Imports into the U.S.

U.S. natural gas production rose over the weekend after TC Energy's (TRP +0.6%) Mountaineer Xpress pipeline in West Virginia reportedly returned to service following unplanned maintenance.Pipeline data showed U.S.

EIA Natural Gas Inventory: +56 Bcf vs. +58 Bcf consensus, +65 Bcf last week.Futures (NG1:COM +2.1%)ETFs: UNG, DGAZ, UGAZ, BOIL, KOLD, UNL..