The EIA reported that U.S. working stocks of natural gas totaled 3.17 trillion cubic feet, about 316 billion cubic feet higher than the five-year average of 2.85 trillion cubic feet. Working gas in storage totaled 3.3 trillion cubic feet for the same period a year ago.
Storage levels have fallen into the high end of the five-year range, even though the draw on stocks was well below last week’s draw of 201 billion cubic feet. Gas prices remain about 11% below 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 0.7% at $90.05 in a 52-week range of $77.13 to $93.67.
Chesapeake Energy Corp. (NYSE: CHK) is up about 1.8% at $17.61 in a 52-week range of $13.32 to $26.09.
EOG Resources Inc. (NYSE: EOG) is up fractionally at $125.46, in a 52-week range of $82.48 to $126.45.
The U.S. Natural Gas Fund (NYSEMKT: UNG) is up 2.3% at $19.75 in a 52-week range of $14.25 to $23.92. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is up about 0.3% at $41.03 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.
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