The VelocityShares 3x Long Natural gas ETN (UGAZ) is set to open on Friday up 1.6 percent from yesterday's close, yet the fund is down 16 percent from Monday.

Several factors have pressured natural gas prices over the week. Monday saw weakness for the commodity, with natural gas futures seeing extended losses on Monday and Tuesday as a result of futures falling below the $3.00 resistance level late last week. Gas futures saw a spike upwards on Wednesday as a result of a natural gas pipeline explosion in Texas.

It was in Refugio, 160 miles southwest of Houston, in which the incident occurred — people reported feeling tremors some 60 miles away. While the cause has not been identified, first responders were quick to get the blast under control, and the area has since been stabilized.

That did not stop natural gas prices from surging over 2 percent during trading on Wednesday, adding momentum to analysts' expectations that the Energy Information Administration would announce a draw of 124 billion cubic feet of natural gas inventories during the prior week.

On Thursday, the EIA announced inventories fell to 2,559 billion cubic feet as a result of a greater-than-expected draw of 152 billion cubic feet. Natural gas futures fell over 1 percent on the news, dragging UGAZ down even further.

By the end of trading on Thursday, UGAZ shares lost over 8 percent of their value and were set to extend losses in after-hours trading. In pre-market trading Friday, shares saw a slight recovery thanks to a slight recover in natural gas futures. In pre-market trading, natural gas futures were up 0.42% for the day.