The EIA reported that U.S. working stocks of natural gas totaled 2.8 trillion cubic feet, about 304 billion cubic feet higher than the five-year average of 2.5 trillion cubic feet. Working gas in storage totaled 3 trillion cubic feet for the same period a year ago.
Weather forecasts for the next 10 days call for warmer temperatures across most of the United States and near-normal temperatures along the East and West Coasts. If that forecast proves out, demand for natural gas will be no better than steady. A lot depends on demand from commercial and industrial users.
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 down fractionally, at $90.66 in a 52-week range of $77.13 to $93.67.
Chesapeake Energy Corp. (NYSE: CHK) is down 0.9%, at $19.93 in a 52-week range of $13.32 to $26.09.
EOG Resources Inc. (NYSE: EOG) is down 1%, at $125.02, in a 52-week range of $82.48 to $129.43, a high posted last week.
The U.S. Natural Gas Fund (NYSEMKT: UNG) is down 2.7%, at $18.27 in a 52-week range of $14.25 to $23.38. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is up about 0.5%, at $43.46 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.