As fall begins, cooler weather is on the way. Forcasters at MDA Weather Services have predicted that the next two weeks will be significantly cooler, prompting the expectation for reduced air-conditioning use and less energy use as a result. This is was what drove the price of natural gas contracts for October 13 delivery down $0.09, just over 2.5 percent, today.

"Now that the first day of fall has arrived, the weather is likely to continue on a path toward moderation as cooling- related demand starts to dissipate but heating demand is still not likely to click in just yet," said Dominick Chirichella, a partner at the Energy Management Institute, said in a report.

Natural gas ETFs down

The major natural gas ETFs showed movement in line with the adjustment to natural gas futures. The United States Natural Gas Fund (UNG) was off almost 3 percent by early afternoon, and the United States 12 Month Natural Gas FD LP (UNL) fell almost 1.75 percent. Among the leveraged ETFs, VelocityShares 3X Long Natural Gas ETN (UGAZ) tumbled almost 8 percent on heavy volume and the ProShares Ultra DJ-UBS Natural Gas ($BOIL) slid almost 5.5 percent. The day also produced big gains for natural gas short ETFs. VelocityShares 3X Inverse Natural Gas ETN (DGAZ) jumped almost 9.75 percent and ProShares UltraShort DJ-UBS Natural Gas ($KOLD) leapt over 4.5 percent.

Producer ETFs miss hit

The decline in natural gas prices didn’t seem to hit equities ETFs connected to the industry, though. The SPDR S&P Oil & Gas Explore & Prod. ($XOP) gained just over 1 percent, the First Trust ISE Revere Natural Gas ($FCG) climbed just over 0.5 percent, and iShares Dow Jones US Oil & Gas Exp. ($IEO) climbed over 1.25 percent.