The US Energy Information Administration today reported the US natural gas stocks fell by a total of 127 billion cubic feet, higher than the drawdown of 120 billion cubic feet that analysts had expected. Natural gas prices responded by rising nearly 1.5% to about $2.47/thousand cubic feet.
The EIA reported that US working stocks of natural gas totaled 2.76 trillion cubic feet, about 765 billion cubic feet higher than the five-year average of 1.99 trillion cubic feet. Working gas in storage totaled 1.94 trillion cubic feet for the same period a year ago.
Natural gas spot prices averaged $2.68/thousand cubic feet in January, their lowest level in 10-years excepting the Labor Day weekend in 2009. At the current rate, the average could be even lower in February as unusually warm winter weather continues in the US.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
