Natural Gas Inventories, Prices Fall Again

The EIA reported that U.S. working stocks of natural gas totaled 3.0 trillion cubic feet, about 320 billion cubic feet higher than the five-year average of 2.68 trillion cubic feet. Working gas in storage totaled 3.15 trillion cubic feet for the same period a year ago.

Storage levels have again risen above the high end of the five-year range even though the draw on stocks was higher than expected. Gas prices remain about 9% below recent highs around $3.93 per thousand cubic feet.

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 up about 0.8% at $91.45 in a 52-week range of $77.13 to $93.67.

Chesapeake Energy Corp. (NYSE: CHK) is up about 1.3% at $18.74 in a 52-week range of $13.32 to $26.09.

EOG Resources Inc. (NYSE: EOG) is up about 1.1% at $126.10, in a 52-week range of $82.48 to $127.34, a high posted last week.

The US Natural Gas Fund (NYSEMKT: UNG) is down about 1.3% at $19.75 in a 52-week range of $14.25 to $23.92. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is up about 0.3% at $42.71 in a 52-week range of $32.54 to $45.14. The first fund tracks spot prices; the second includes major drillers and services companies.