Natural Gas Inventories Fall, Prices Rise (CHK)
The US Energy Information Administration today reported the US natural gas stocks fell by a total of 192 billion cubic feet in the past week, somewhat more than the drawdown of 182 billion cubic feet that analysts had expected. Natural…
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The EIA reported that US working stocks of natural gas totaled 3.1 trillion cubic feet, about 547 billion cubic feet higher than the five-year average of 2.55 trillion cubic feet. Working gas in storage totaled 2.57 trillion cubic feet for the same period a year ago.
Natural gas prices have been rising this week following an announcement by Chesapeake Energy Corp. (NYSE: CHK) that it would cut back production. Warmer winter weather and booming production from US shale gas fields have forced gas prices down by around -50% since last June.
Paul Ausick
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
