Commodities & Metals
Natural Gas Inventory Report Quells Rising Price
Published:
Last Updated:
The EIA reported that U.S. working stocks of natural gas totaled 3.13 trillion cubic feet, about 45 billion cubic feet higher than the five-year average of 3.09 trillion cubic feet. Working gas in storage totaled 3.37 trillion cubic feet for the same period a year ago. Natural gas inventories remain roughly in the middle of the five-year range. The five-year average increase for the period is 66 billion cubic feet.
Demand for cooling rose with temperatures across the Midwest last week, but the high temperatures are forecast to drop sharply in the next couple of weeks, curbing demand for natural gas at power-generating plants. Lower temperatures are also expected across the heavily populated Northeast U.S. for the next two weeks.
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 down about 1%, at $87.92 in a 52-week range of $84.70 to $95.49.
Chesapeake Energy Corp. (NYSE: CHK) is down 1.6%, at $25.91 in a 52-week range of $16.23 to $26.63.
EOG Resources Inc. (NYSE: EOG) is down 0.8%, at $158.12 in a 52-week range of $105.45 to $161.47.
The U.S. Natural Gas Fund (NYSEMKT: UNG) is down 1.2%, at $18.56 in a 52-week range of $16.59 to $24.09. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is down 0.6%, at $45.45 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.
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x 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 up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
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.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.