Natural Gas Inventory Falls as Expected

Energy

Published: December 28, 2012 10:41 am

Last Updated: April 28, 2020 2:19 am

The U.S. Energy Information Administration (EIA) today reported the U.S. natural gas stocks declined by 72 billion cubic feet last week, slightly less than the expected decrease of 74 billion cubic feet. Natural gas futures prices were about 1.8% higher in advance of the EIA’s report at around $3.47 per thousand cubic feet, and experienced little change immediately following the EIA report.

The EIA reported that U.S. working stocks of natural gas totaled 3.65 trillion cubic feet, about 413 billion cubic feet higher than the five-year average of 3.24 trillion cubic feet. Working gas in storage totaled 3.57 trillion cubic feet for the same period a year ago.

Storage levels remain above the top of the five-year range and the draw on stocks is considerably below last year’s draw of 87 billion cubic feet due to somewhat warmer weather. Gas prices remain down more than 15% from recent highs around $3.93 per thousand 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 about 1.2% at $85.80 in a 52-week range of $77.13 to $93.67.

Chesapeake Energy Corp. (NYSE: CHK) is down about 0.8% at $16.72 in a 52-week range of $13.32 to $26.09.

EOG Resources Inc. (NYSE: EOG) is down about 1.6% at $119.71 in a 52-week range of $82.48 to $124.50.

The US Natural Gas Fund (NYSEMKT: UNG) is up 1.6% at $19.47 in a 52-week range of $14.25 to $27.00. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is down about 1.1% at $7.80 in a 52-week range of $32.54 to $45.14. The first fund tracks spot prices; the second includes major drillers and services companies.

Paul Ausick

In 20 Years, I Haven’t Seen A Cash Back Card This Good

After two decades of reviewing financial products I haven’t seen anything like this. Credit card companies are at war, handing out free rewards and benefits to win the best customers.

A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges.

Our top pick today pays up to 5% cash back, a $200 bonus on top, and $0 annual fee. Click here to apply before they stop offering rewards this generous.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.