Natural Gas Supply Report Supports Price

The EIA reported that U.S. working stocks of natural gas totaled 3.83 trillion cubic feet, about 58 billion cubic feet higher than the five-year average of 3.78 trillion cubic feet. Working gas in storage totaled 3.91 trillion cubic feet in the same period a year ago. Natural gas inventories remain roughly in the middle of the five-year range. The five-year average increase for the period is 19 billion cubic feet.

Colder weather is expected in the heavily populated East Coast region this week, but it should not last long. Another blast is expected in the Midwest and along the East Coast again next week, but so far heating degree days are 7% below the 30-year average.

Here is how stocks of the largest U.S. natural gas producers reacted to Thursday’s report:

Exxon Mobil Corp. (NYSE: XOM), the country’s largest producer of natural gas, was up about 0.2%, at $92.80 in a 52-week range of $84.70 to $95.49.

Chesapeake Energy Corp. (NYSE: CHK) was down 0.5%, at $25.78 in a 52-week range of $16.23 to $29.06.

EOG Resources Inc. (NYSE: EOG) was down 0.6%, at $168.55. The 52-week range is $112.05 to $188.30.

The U.S. Natural Gas Fund (NYSEMKT: UNG) was down 0.6%, at $17.56 in a 52-week range of $16.59 to $24.09. The Market Vectors Oil Services ETF (NYSEMKT: OIH) was up about 0.1%, at $50.47 in 52-week range of $36.24 to $51.09. The first fund tracks spot prices; the second includes major drillers and services companies.