The EIA reported that U.S. working stocks of natural gas totaled 3.32 trillion cubic feet, about 320 billion cubic feet higher than the five-year average of 3.0 trillion cubic feet. Working gas in storage totaled 3.4 trillion cubic feet for the same period a year ago.
Storage levels remain slightly above the top of the five-year range even though the draw on stocks was even larger than last week’s draw of 135 billion cubic feet. Gas prices remain about 19% 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 up about 0.5% at $88.54 in a 52-week range of $77.13 to $93.67.
Chesapeake Energy Corp. (NYSE: CHK) is down about 3.4% at $16.50 in a 52-week range of $13.32 to $26.09.
EOG Resources Inc. (NYSE: EOG) is up about 0.3% at $124.99, in a 52-week range of $82.48 to $126.25.
The US Natural Gas Fund (NYSEMKT: UNG) is up 1.7% at $17.86 in a 52-week range of $14.25 to $23.92. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is up about 0.4% at $40.44 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.
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