Geopolitics Alpha

Natural Gas Bulls Test Breakout, but Bears Refuse to Budge

Published . Updated .

Key takeaways

  • Exposed: UNG, XLE, LNG, EQT, KMI
  • Market reaction: UNG +0.6% on the day (still updating); XLE −0.2% on the day (still updating); WMB +2.5% on the day (still updating)

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ENERGYNatural Gas Bulls Test Breakout,but Bears Refuse to BudgeGEOPOLITICS ALPHA

This report is about natural gas.

Directly affected

  • No company is named in this report.

Indirectly affected

  • UNG United States Natural Gas Fund-17.0% 30d

    United States Natural Gas Fund: it follows natural-gas prices. Linked by “natural gas” (natural gas) in this story.

  • XLE Energy Select Sector SPDR+8.9% 30d

    Energy Select Sector SPDR: it follows natural-gas prices. Linked by “natural gas” (natural gas) in this story.

  • LNG Cheniere Energy+14.1% 30d

    Cheniere Energy (natural gas distribution): gas producers and exporters earn more when gas prices rise. Linked by “natural gas” (natural gas) in this story.

  • EQT Eqt+3.2% 30d

    Eqt (crude petroleum and natural gas): gas producers and exporters earn more when gas prices rise. Linked by “natural gas” (natural gas) in this story.

  • KMI Kinder Morgan+4.8% 6d

    Kinder Morgan (natural gas transmission): gas producers and exporters earn more when gas prices rise. Linked by “natural gas” (natural gas) in this story.

  • WMB The Williams Companies

    The Williams Companies (natural gas transmission): gas producers and exporters earn more when gas prices rise. Linked by “natural gas” (natural gas) in this story.

Price reaction, T-5 to T+3

TickerT-5T-3T-1T0T+1T+2T+3
UNG+6.94%+1.94%base+0.55%after closeafter closeafter close
XLE+1.44%+2.16%base-0.17%after closeafter closeafter close
LNG-3.81%+2.35%base+0.52%after closeafter closeafter close
EQT+2.63%-0.55%base+0.17%after closeafter closeafter close
KMI+3.48%+3.80%base+1.27%after closeafter closeafter close
WMB+4.07%+5.18%base+2.52%after closeafter closeafter close

Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.

Natural Gas Bulls Test Breakout, but Bears Refuse to Budge Natural Gas Intelligence

Source: Natural Gas Intelligence

How far United States Natural Gas Fund (UNG) has moved since 3 Nov 2026

CompanyWhenMoveStatus
Eqt (EQT)that day+0.17%still updating
Eqt (EQT)three days earlier-0.55%final price
Eqt (EQT)five days earlier+2.63%final price
Kinder Morgan (KMI)that day+1.27%still updating
Kinder Morgan (KMI)three days earlier+3.80%final price
Kinder Morgan (KMI)five days earlier+3.48%final price
Cheniere Energy (LNG)that day+0.52%still updating
Cheniere Energy (LNG)three days earlier+2.35%final price
Cheniere Energy (LNG)five days earlier-3.81%final price
United States Natural Gas Fund (UNG)that day+0.55%still updating
United States Natural Gas Fund (UNG)three days earlier+1.94%final price
United States Natural Gas Fund (UNG)five days earlier+6.94%final price
Williams Companies (WMB)that day+2.52%still updating
Williams Companies (WMB)three days earlier+5.18%final price
Williams Companies (WMB)five days earlier+4.07%final price
Select Sector Spdr Tr (XLE)that day-0.17%still updating
Select Sector Spdr Tr (XLE)three days earlier+2.16%final price
Select Sector Spdr Tr (XLE)five days earlier+1.44%final price

Trades by members of Congress and officials in the stocks in this story

Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).

Companies in energy around United States Natural Gas Fund (UNG)

Companies tied to this story

  • UNG United States Natural Gas Fund

    In “Natural Gas Bulls Test Breakout, but Bears Refuse to Budge,” United States Natural Gas Fund (UNG) is linked, with no stored direction, medium confidence. Reason on file: United States Natural Gas Fund: it follows natural-gas prices. Linked by “natural gas” (natural gas) in this story

  • XLE Select Sector Spdr Tr

    Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence in the 3 Nov 2026 story “Natural Gas Bulls Test Breakout, but Bears Refuse to Budge.” Reason on file: Energy Select Sector SPDR: it follows natural-gas prices. Linked by “natural gas” (natural gas) in this story

  • LNG Cheniere Energy

    For “Natural Gas Bulls Test Breakout, but Bears Refuse to Budge,” Cheniere Energy (LNG) is linked, with no stored direction, medium confidence. Reason on file: Cheniere Energy (natural gas distribution): gas producers and exporters earn more when gas prices rise. Linked by “natural gas” (natural gas) in this story

  • EQT Eqt

    Eqt (EQT) is linked, with no stored direction, medium confidence in the 3 Nov 2026 story “Natural Gas Bulls Test Breakout, but Bears Refuse to Budge.” Reason on file: Eqt (crude petroleum and natural gas): gas producers and exporters earn more when gas prices rise. Linked by “natural gas” (natural gas) in this story

  • KMI Kinder Morgan

    In “Natural Gas Bulls Test Breakout, but Bears Refuse to Budge,” Kinder Morgan (KMI) is linked, with no stored direction, medium confidence. Reason on file: Kinder Morgan (natural gas transmission): gas producers and exporters earn more when gas prices rise. Linked by “natural gas” (natural gas) in this story

  • WMB Williams Companies

    Williams Companies (WMB) is linked, with no stored direction, medium confidence in the 3 Nov 2026 story “Natural Gas Bulls Test Breakout, but Bears Refuse to Budge.” Reason on file: The Williams Companies (natural gas transmission): gas producers and exporters earn more when gas prices rise. Linked by “natural gas” (natural gas) in this story

How “Natural Gas Bulls Test Breakout, but Bears Refuse to Budge” reaches United States Natural Gas Fund (UNG)

On 3 Nov 2026, “Natural Gas Bulls Test Breakout, but Bears Refuse to Budge” is the story that connects United States Natural Gas Fund (UNG) to Energy.

United States Natural Gas Fund (UNG) is on the page because United States Natural Gas Fund: it follows natural-gas prices. Linked by “natural gas” (natural gas) in this story

Also listed, Select Sector Spdr Tr (XLE): Energy Select Sector SPDR: it follows natural-gas prices. Linked by “natural gas” (natural gas) in this story

The price range for United States Natural Gas Fund (UNG), and the dates in the story

LNG traded between 270.98 and 330.66 across 20 sessions. The latest close on file is 311.54. UNG traded between 8.95 and 11.43 across 20 sessions. The latest close on file is 9.01. XLE traded between 62.95 and 70.15 across 20 sessions. The latest close on file is 67.26.

How solid “Natural Gas Bulls Test Breakout, but Bears Refuse to Budge” looks

46 out of 100Price not final

“Natural Gas Bulls Test Breakout, but Bears Refuse to Budge” scores 46 out of 100. The score uses 1 sources, and 6 linked companies. The price is not final yet.