Natural Gas Inventories, Prices Fall
January 24, 2013 by Paul AusickThe 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.
