IEO is a passive index fund tracking U.S. oil and gas exploration, production, and refining names. It charges 0.38% in expenses and pays out roughly what its underlying companies pay, net of fees. When ConocoPhillips raises its variable dividend, IEO's next quarterly distribution rises. When EQT cuts in a weak gas market, IEO's distribution shrinks.
When trading opened on Thursday, prices spiked to 174p, marking a 24% increase, before easing slightly to 169p as of 8 AM GMT. In recent days, natural gas futures, which are contracts for purchasing the commodity in the coming months, have been trading between 125p and 132p per therm (a unit of heat energy).