Natural Gas Inventory Rises Slightly, Price Dips Sharply

Energy

Published: November 29, 2012 10:41 am

Last Updated: November 29, 2012 3:12 pm

The U.S. Energy Information Administration (EIA) today reported the U.S. natural gas stocks rose by a total of 4 billion cubic feet, slightly more than the 9 to 13 billion cubic feet withdrawal that analysts were expecting. Natural gas futures prices were about 2% lower in advance of the EIA’s report at around $3.73 per thousand cubic feet, and fell further to around $3.65 immediately following the EIA report.

The EIA reported that U.S. working stocks of natural gas totaled 3.88 trillion cubic feet, about 190 billion cubic feet higher than the five-year average of 3.68 trillion cubic feet. Working gas in storage totaled 3.85 trillion cubic feet for the same period a year ago.

Milder weather kept withdrawals in check last week. Working gas in storage remains above the high end of the 5-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 up about 0.2% at $88.24 in a 52-week range of $77.13 to $93.67.

Chesapeake Energy Corp. (NYSE: CHK) is up about 1% at $17.62 in a 52-week range of $13.32 to $26.16.

EOG Resources Inc. (NYSE: EOG) is up about 1% at $117.57 in a 52-week range of $82.48 to $124.49.

The US Natural Gas Fund (NYSEMKT: UNG) is down about 3.5% at $20.95 in a 52-week range of $14.25 to $32.48. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is up about 0.9% at $38.52 in a 52-week range of $36.01 to $45.14. The first fund tracks spot prices; the second includes major drillers and services companies.

Paul Ausick

Want to Retire Early? Start Here ^(Sponsor)

Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

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.