Commodities & Metals
Natural Gas Futures Soften as Storage Inventories Rise
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The EIA reported that U.S. working stocks of natural gas totaled nearly 2.79 trillion cubic feet, about 46 billion cubic feet lower than the five-year average of 2.83 trillion cubic feet. Working gas in storage totaled 3.19 trillion cubic feet for the same period a year ago. Natural gas inventories remain roughly in the middle of the five-year range.
The United States is expected to see temperatures return to normal or even below-normal temperatures after a week of scorching heat. In the same week last year, natural gas inventories rose by 26 billion cubic feet and the five-year average build for the week is 53 billion cubic feet.
Here’s how stocks of the largest U.S. natural gas producers are reacting to today’s report:
Exxon Mobil Corp. (NYSE: XOM), the country’s largest producer of natural gas, is down 0.1% to $94.85, in a 52-week range of $84.70 to $95.49.
Chesapeake Energy Corp. (NYSE: CHK) is down 0.2%, at $22.17 in a 52-week range of $16.23 to $22.97.
EOG Resources Inc. (NYSE: EOG) is up 1.3%, at $145.98 in a 52-week range of $95.28 to $150.05.
The U.S. Natural Gas Fund (NYSEMKT: UNG) is down 1.4%, at $19.37 in a 52-week range of $17.38 to $24.09. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is down 0.6%, at $45.30 in a 52-week range of $36.24 to $46.78. The first fund tracks spot prices; the second includes major drillers and services companies.
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