Energy Business
Natural Gas Supply Better Than Expected, Price Falls
March 21, 2013 10:50 am
Last Updated: April 28, 2020 2:25 am
The EIA reported that U.S. working stocks of natural gas totaled 1.88 trillion cubic feet, about 162 billion cubic feet higher than the five-year average of 1.71 trillion cubic feet. Working gas in storage totaled 2.38 trillion cubic feet for the same period a year ago.
The smaller-than-expected drop in natural gas in storage has stopped the rally in natural gas prices that looked like it would take the price back above $4.00 per million BTUs for the first time since September 2011.
Here is 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 0.7%, at $88.03 in a 52-week range of $77.13 to $93.67.
Chesapeake Energy Corp. (NYSE: CHK) is down about 0.1%, at $20.87 in a 52-week range of $13.32 to $25.62.
EOG Resources Inc. (NYSE: EOG) is down 0.3%, at $125.88 in a 52-week range of $82.48 to $138.20.
The U.S. Natural Gas Fund (NYSEMKT: UNG) is up 0.2%, at $21.68 in a 52-week range of $14.25 to $23.38. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is down 0.3%, at $41.93 in a 52-week range of $32.54 to $45.12. The first fund tracks spot prices; the second includes major drillers and services companies.
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