Energy
Natural Gas Price Trims Loss Following Inventory Drawdown
Published:
Last Updated:
The U.S. Energy Information Administration (EIA) reported Thursday morning that U.S. natural gas stocks decreased by 36 billion cubic feet for the week ending April 13.
Analysts were expecting a storage withdrawal of around 23 billion cubic feet. The five-year average for the week is an injection of 38 billion cubic feet, and last year’s storage increase for the week totaled 54 billion cubic feet. Natural gas inventories fell by 19 billion cubic feet in the week ending April 6.
Natural gas futures for May delivery traded down about 2% in advance of the EIA’s report, at around $2.69 per million BTUs, and moved to around $2.71 shortly after the report was released.
The forecast for overall natural gas demand next week moves up into the “high” range as cooler, stormier weather moves across the Midwest into the Northeast on Friday. Milder, cooler weather is expected across much of the country next week, pushing demand for natural gas above average levels for this time of year.
Total U.S. stockpiles fell week over week to 38.3% below last year’s level and are now 25.7% below the five-year average.
The EIA reported that U.S. working stocks of natural gas totaled about 1.299 trillion cubic feet at the end of last week, around 449 billion cubic feet below the five-year average of 1.748 trillion cubic feet and 808 billion cubic feet below last year’s total for the same period. Working gas in storage totaled 2.107 trillion cubic feet for the same period a year ago.
Here’s how share prices of the largest U.S. natural gas producers reacting to the latest report:
Furthermore, the United States Natural Gas ETF (NYSEARCA: UNG) traded down about 0.9%, at $22.41 in a 52-week range of $20.40 to $31.72.
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.