The US Energy Information Administration today reported the US natural gas stocks rose by a total of 25 billion cubic feet, well above the 8 billion cubic feet increase that analysts had expected. Natural gas prices responded by falling about -0.5% to about $1.95/thousand cubic feet.
The EIA reported that US working stocks of natural gas totaled 2.51 trillion cubic feet, about 919 billion cubic feet higher than the five-year average of 1.59 trillion cubic feet. Working gas in storage totaled 1.64 trillion cubic feet for the same period a year ago.
A warm winter, continued production increases, and the current, usually low-demand period are likely to keep natural gas prices depressed at least through April and perhaps even into May. Without a warmer-than-usual summer to boost prices for natural gas, more production cutbacks are likely and natural gas producers could face even more difficult times.
US natural gas stocks are about 53% higher than they were a year ago and more than 57% higher than the 5-year average.
Paul Ausick
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
