Natural Gas Inventory Declines, Price Up Slightly

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.