The U.S. Energy Information Administration (EIA) today reported the US natural gas stocks rose by a total of 47 billion cubic feet, higher than the 38 billion cubic feet that analysts were expecting. Natural gas futures prices were flat in advance of the EIA’s report at $2.80/thousand cubic feet, but have dropped to around $2.70 following today’s report.
The EIA reported that U.S. working stocks of natural gas totaled 3.31 trillion cubic feet, about 357 billion cubic feet higher than the five-year average of 2.95 trillion cubic feet. Working gas in storage totaled 2.89 trillion cubic feet for the same period a year ago.
U.S. natural gas inventories are about 15% higher than they were a year ago and about 12% higher than the 5-year average. Both figures are lower than they were a week ago, which indicates that the supply is falling. However, gas in storage remains at record highs for this time of year.
Natural gas futures prices are about 47% higher than they were at their low point of $1.90/thousand cubic feet in April of this year. Working gas in storage remains above the high end of the 5-year average, but the gap is narrowing.
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 0.5% at $87.33 in a 52-week range of $67.93-$88.91.
Chesapeake Energy Corp. (NYSE: CHK) is down about 2% at $19.51 in a 52-week range of $13.32-$33.87.
EOG Resources Inc. (NYSE: EOG) is down about 0.6% at $108.21 in a 52-week range of $66.81-$119.97.
The US Natural Gas Fund (NYSEMKT: UNG) is down about 4.6% at $18.52 in a 52-week range of $14.25-$41.60. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is down about 0.3% at $41.20 in a 52-week range of $32.54-$45.14. The first fund tracks spot prices; the second includes major drillers and services companies.
Paul Ausick
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
