ProShares Ultra Bloomberg Natural Gas (BOIL) surged 5.11% intraday, tracking a sharp rise in natural gas futures prices. The ETF's performance reflects the broader rally in the natural gas market.
The surge in natural gas futures, which jumped over 20% for the second straight day, was driven by expectations of extreme cold weather boosting heating demand to near-record levels. The cold snap is also expected to cut output by freezing oil and gas wells, further tightening supply.
This rally has lifted other natural gas ETFs and companies, with the United States Natural Gas Fund (UNG) up 10.1% and companies like EQT Corp and CNX Resources gaining over 5%. BOIL, as a leveraged ETF, amplified the gains in natural gas futures.
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