Natural Gas Price Point Higher After Supply Data

Natural gas prices rose to a multiyear high of $5.58 per million BTUs on Wednesday, but prices moderated Thursday morning, despite a forecast indicating very cold weather and snowy conditions for the next several days in the eastern and central regions of the United States. Prices will continue to be high.

The EIA reported that U.S. working stocks of natural gas totaled 1.92 trillion cubic feet, about 556 billion cubic feet below the five-year average of 2.48 trillion cubic feet. Working gas in storage totaled 2.7 trillion cubic feet for the same period a year ago. Natural gas inventories remain below the bottom of the five-year range.

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

Exxon Mobil Corp. (NYSE: XOM), the country’s largest producer of natural gas, was up about 1.1%, at $89.94 in a 52-week range of $84.79 to $101.74.

Chesapeake Energy Corp. (NYSE: CHK) was down 4.7%, at $24.97 in a 52-week range of $18.21 to $29.06.

EOG Resources Inc. (NYSE: EOG) was up 2.7% to $171.96. The 52-week range is $112.05 to $188.30.

The U.S. Natural Gas Fund (NYSEMKT: UNG) was down 0.2%, at $25.25 in a 52-week range of $16.59 to $27.31. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is up about 2%, at $45.61 in 52-week range of $39.42 to $51.11. The first fund tracks spot prices; the second includes major drillers and services companies.