Natural gas futures prices were trading up about 1% in advance of the EIA’s report, at around $4.73 per million BTUs, and rose to $4.75 immediately following the report.
The weather is finally warming over most of the United States, but cooler than normal temperatures could come with spring storms that are expected to track through the central and northeastern portions of the country next week. Cooler temperatures are also expected in the west as Pacific storms bring rain and snow into California and the Northwest.
The country’s natural gas supply has not been this low in more than 10 years. Supplies are still below a trillion cubic feet and probably will remain there for at least another couple of weeks.
The EIA reported that U.S. working stocks of natural gas totaled 899 billion cubic feet, about 1 trillion cubic feet below the five-year average of 1.9 trillion cubic feet. Working gas in storage totaled 1.73 trillion cubic feet for the same period a year ago. Natural gas inventories have begun climbing now that the coldest weather is past, but they 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 down about 0.4% to $100.06, in a 52-week range of $84.79 to $101.74.
Chesapeake Energy Corp. (NYSE: CHK) was up about 0.2%, at $29.05 in a 52-week range of $18.83 to $29.27. The high was set earlier in the morning.
EOG Resources Inc. (NYSE: EOG) was up 0.1% to $104.98. The 52-week range is $56.03 to $105.50. The high was set earlier in the morning as well.
ALSO READ: Refinery Activity Could Thwart Rising Gas Prices
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