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ProShares Ultra Bloomberg Natural Gas ETF down 43% YTD amid low gas prices despite Qatar supply gap

Market News
18 May 2026
24/7 Wall Street
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ProShares Ultra Bloomberg Natural Gas (BOIL) ETF has dropped 43% year to date and 80% over the past year, reflecting weak natural gas prices despite a major supply disruption from Qatar. BOIL targets twice the daily return of natural gas futures but suffers from volatility decay, contango, and daily leverage resets that erode returns over time. The fund's performance depends heavily on short-term price spikes, such as winter heating demand, but prices remain low due to expanding U.S. shale and LNG exports. BOIL is best suited for tactical traders betting on colder winters and ongoing supply gaps, not long-term holders.

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