The EIA reported that U.S. working stocks of natural gas totaled 3.91 trillion cubic feet, about 259 billion cubic feet higher than the five-year average of 3.65 trillion cubic feet. Working gas in storage totaled 3.77 trillion cubic feet for the same period a year ago.
U.S. natural gas inventories are about 4% higher than they were a year ago and about 7% higher than the five-year average.
Natural gas futures prices are about 94% higher than they were at their low point of $1.90 per thousand cubic feet in April of this year. Working gas in storage remains above the high end of the five-year average.
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 0.2%, at $90.95 in a 52-week range of $73.90 to $93.67. Exxon also reported third-quarter earnings today.
Chesapeake Energy Corp. (NYSE: CHK) is down less than 1%, at $20.25 in a 52-week range of $13.32 to $29.85.
EOG Resources Inc. (NYSE: EOG) is up about 1.4%, at $118.10 in a 52-week range of $82.48 to $119.97.
The U.S. Natural Gas Fund (NYSEMKT: UNG) is down about 0.2% at $21.70, in a 52-week range of $14.25 to $35.44. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is up about 1.1% at $38.95, 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
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