The EIA reported that U.S. working stocks of natural gas totaled 1.87 trillion cubic feet, about 99 billion cubic feet lower than the five-year average of 1.96 trillion cubic feet. Working gas in storage totaled 2.6 trillion cubic feet for the same period a year ago.
Late season cool weather had little impact on inventories last week, as the spring weather began to warm. This week’s build is above the five-year average for the week of 69 billion cubic feet. Added to the warmer weather are concerns that speculative long positions on natural gas futures will lead to a sell-off, depressing prices even further. Heavy demand for summer cooling remains several weeks away.
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 $91.02 in a 52-week range of $77.13 to $93.67.
Chesapeake Energy Corp. (NYSE: CHK) is up 0.8%, at $19.34 in a 52-week range of $13.32 to $22.97.
EOG Resources Inc. (NYSE: EOG) is down about 1%, at $136.50 in a 52-week range of $82.48 to $139.00.
The U.S. Natural Gas Fund (NYSEMKT: UNG) is down 1.5%, at $21.18 in a 52-week range of $15.18 to $24.09. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is down 1.1%, at $44.28 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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