Natural Gas Inventories Rise Slightly, Price Essentially Flat
Robert Murray http://www.geograph.org.uk/photo/1449653The US Energy Information Administration today reported the US natural gas stocks rose by a total of 30 billion cubic feet, identical with the increase that analysts had expected. Natural gas prices were about -1% lower before the…
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The US Energy Information Administration today reported the US natural gas stocks rose by a total of 30 billion cubic feet, identical with the increase that analysts had expected. Natural gas prices were about -1% lower before the EIA released its report, and have risen to a point where prices are roughly where they were at the open today, $2.468/thousand cubic feet.
The EIA reported that US working stocks of natural gas totaled 2.6 trillion cubic feet, about 799 billion cubic feet higher than the five-year average of 1.8 trillion cubic feet. Working gas in storage totaled 1.81 trillion cubic feet for the same period a year ago.
US natural gas stocks are about 44% higher than they were a year ago and about 45% higher than the 5-year average. Both figures are lower than they were a week ago.
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.