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
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