The EIA reported that U.S. working stocks of natural gas totaled 1.69 trillion cubic feet, about 37 billion cubic feet lower than the five-year average of 1.72 trillion cubic feet. Working gas in storage totaled 2.47 trillion cubic feet for the same period a year ago.
Colder weather has driven withdrawals from storage for the past several weeks, but normal or above-normal temperatures are expected over the whole United States for the next several days, and that is expected to blunt demand for natural gas. Withdrawals of natural gas are expected to leave storage levels about 30% below the 2012 record level of 2.48 trillion cubic feet at the end of last year’s heating season.
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 0.1%, at $89.80 in a 52-week range of $77.13 to $93.67.
Chesapeake Energy Corp. (NYSE: CHK) is up about 0.3%, at $19.24 in a 52-week range of $13.32 to $22.97.
EOG Resources Inc. (NYSE: EOG) is down 1.5%, at $124.24 in a 52-week range of $82.48 to $138.20.
The U.S. Natural Gas Fund (NYSEMKT: UNG) is down 0.7%, at $21.11 in a 52-week range of $14.25 to $23.38. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is down about 0.2%, at $41.29 in a 52-week range of $32.54 to $45.12. The first fund tracks spot prices; the second includes major drillers and services companies.
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