Headaches continue for the U.S. Natural Gas Fund, which saw assets recently balloon to nearly $3.7 billion from roughly $670 million in February as investors bet on climbing gas prices. In Tuesday's Wall Street Journal Fund Track, Ian Salisbury details the woes of the fund, which faces the possibility of not issuing enough shares to meet demand. This might cause its shares to trade at prices higher than its holdings' underlying value.

In late March, the fund's managers filed with the SEC to increase the number of shares by about 300 million. The SEC hadn't acted on the request by early May, prompting the fund's managers to come up with another filing. That contained a warning that the fund had only about eight million shares in reserve. After a few days, the fund was unable to meet demand for two days.

Now, managers are trying to get the SEC's greenlight for one billion more shares. 

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