Natural Gas Inventories Fall, Prices Rise (CHK)

Commodities & Metals

Published: January 26, 2012 1:33 pm

Last Updated: January 26, 2012 4:27 pm

The US Energy Information Administration today reported the US natural gas stocks fell by a total of 192 billion cubic feet in the past week, somewhat more than the drawdown of 182 billion cubic feet that analysts had expected. Natural gas prices responded by falling more than -5% to $2.58/thousand cubic feet, up about -8% from last week’s price of $2.38/thousand cubic feet.

The EIA reported that US working stocks of natural gas totaled 3.1 trillion cubic feet, about 547 billion cubic feet higher than the five-year average of 2.55 trillion cubic feet. Working gas in storage totaled 2.57 trillion cubic feet for the same period a year ago.

Natural gas prices have been rising this week following an announcement by Chesapeake Energy Corp. (NYSE: CHK) that it would cut back production. Warmer winter weather and booming production from US shale gas fields have forced gas prices down by around -50% since last June.

Paul Ausick

The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)

If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%¹ today. Checking accounts are even worse.

But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn a $200 bonus and up to 7X the national average with qualifying deposits. Terms apply. Member, FDIC.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

¹https://www.fdic.gov/national-rates-and-rate-caps