The EIA reported that U.S. working stocks of natural gas totaled nearly 2.94 trillion cubic feet, about 20 billion cubic feet higher than the five-year average of 2.92 trillion cubic feet. Working gas in storage totaled 3.24 trillion cubic feet for the same period a year ago. Natural gas inventories remain roughly in the middle of the five-year range.
Earlier this week the EIA raised its production estimate for natural gas to 69.89 billion cubic feet a day in 2013, and the 2014 estimate was raised to 70.41 billion cubic feet per day. The EIA expects the average 2013 price at Henry Hub to be $3.71 per million BTUs, somewhat lower than its previous estimate of $3.76. Natural gas prices are now expected to average $3.95 per million BTUs in 2014.
Here is 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 up 0.1%, at $91.42 in a 52-week range of $84.70 to $95.49. Exxon also reported poor second-quarter earnings earlier this morning.
Chesapeake Energy Corp. (NYSE: CHK) is down 0.2%, at $24.77 in a 52-week range of $16.23 to $25.64.
EOG Resources Inc. (NYSE: EOG) is up 0.4%, at $156.85 in a 52-week range of $105.45 to $161.47.
The U.S. Natural Gas Fund (NYSEMKT: UNG) is down 0.4%, at $17.16 in a 52-week range of $16.59 to $24.09. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is up 0.4%, at $45.28 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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