While there were expectations of a warming trend next week in the heavily populated northeastern United States, the latest forecast indicates colder than normal temperatures may move in on Sunday and last through next Thursday. Warmer weather, when it finally shows up, typically lowers the price of natural gas, while colder weather increases the price.
The country’s natural gas supply last week fell below a trillion cubic feet for the first time since 2003. Last week’s inventory level was 932 billion cubic feet below last year’s level.
The EIA reported that U.S. working stocks of natural gas totaled 953 billion cubic feet, about 876 billion cubic feet below the five-year average of 1.83 trillion cubic feet. Working gas in storage totaled 1.89 trillion cubic feet for the same period a year ago. Natural gas inventories continue to drop further 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 0.3%, at $94.05 in a 52-week range of $84.79 to $101.74.
Chesapeake Energy Corp. (NYSE: CHK) was down about 0.7%, at $24.50 in a 52-week range of $18.21 to $29.06.
EOG Resources Inc. (NYSE: EOG) was up 1.2% to $189.79. The 52-week range is $112.05 to $193.22.
The U.S. Natural Gas Fund (NYSEMKT: UNG) was down about 1.3%, at $24.38 in a 52-week range of $16.59 to $27.89. The Market Vectors Oil Services ETF (NYSEMKT: OIH) was up about 0.7%, at $48.34 in 52-week range of $39.42 to $51.11. The first fund tracks spot prices; the second includes major drillers and services companies.
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