The EIA reported that U.S. working stocks of natural gas totaled 2.25 trillion cubic feet, about 70 billion cubic feet lower than the five-year average of 2.32 trillion cubic feet. Working gas in storage totaled 2.87 trillion cubic feet for the same period a year ago. Natural gas inventories remain roughly in the middle of the five-year range.
Milder weather likely influenced the larger-than-expected increase in inventories. Late spring typically sees lower demand since both heating and cooling demands are diminished. Natural gas has been unable to hold its price about $4.00 for the past few days, and today’s EIA report will not help.
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 0.3%, at $89.39 in a 52-week range of $79.46 to $93.67.
Chesapeake Energy Corp. (NYSE: CHK) is down 1.1%, at $21.27 in a 52-week range of $16.23 to $22.97.
EOG Resources Inc. (NYSE: EOG) is down about 0.3%, at $128.13 in a 52-week range of $82.48 to $139.00.
The U.S. Natural Gas Fund (NYSEMKT: UNG) is down 3.5%, at $20.62 in a 52-week range of $15.18 to $24.09. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is down fractionally, at $42.95 in a 52-week range of $32.54 to $45.80. The first fund tracks spot prices; the second includes major drillers and services companies.
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.