Commodities & Metals
Natural Gas Inventory Report Slows Price Hikes
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The EIA reported that U.S. working stocks of natural gas totaled 3.19 trillion cubic feet, about 43 billion cubic feet higher than the five-year average of 3.15 trillion cubic feet. Working gas in storage totaled 3.4 trillion cubic feet for the same period a year ago. Natural gas inventories remain roughly in the middle of the five-year range.
Natural gas prices posted a five-week high on Tuesday and predictions for a spell of late-season heat in the Midwest and parts of the Northeast have kept prices moving a bit higher since then. The warmer temperatures should increase demand for cooling, but late-summer heat is not usually as strong as mid-summer heat and demand could fall as quickly as it rose.
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 about 0.1%, at $87.78 in a 52-week range of $84.70 to $95.49.
Chesapeake Energy Corp. (NYSE: CHK) is down 0.1%, at $26.09 in a 52-week range of $16.23 to $26.63.
EOG Resources Inc. (NYSE: EOG) is up 1.1%, at $162.22 in a 52-week range of $107.76 to $162.62. The high was set earlier Thursday morning.
The U.S. Natural Gas Fund (NYSEMKT: UNG) is down 1.4%, at $19.03 in a 52-week range of $16.59 to $24.09. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is up 1.2%, at $46.34 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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