Natural Gas Inventories Rise, Price Drops (XOM, CHK, EOG, UNG)
The US Energy Information Administration today reported the US natural gas stocks rose by a total of 62 billion cubic feet, considerably above the 53-57 billion cubic feet increase that analysts had expected. Natural gas prices are more than -4.5%…
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The EIA reported that US working stocks of natural gas totaled 2.88 trillion cubic feet, about 687 billion cubic feet higher than the five-year average of 2.2 trillion cubic feet. Working gas in storage totaled 2.16 trillion cubic feet for the same period a year ago.
US natural gas inventories are about 33% higher than they were a year ago and about 31% higher than the 5-year average. Both figures are lower than they were a week ago.
Exxon Mobil Corp. (NYSE: XOM), the country’s largest producer of natural gas, is up about 0.5% at $80.54 in a 52-week range of $67.03-$87.94. Cheseapeake Energy Corp. (NYSE: CHK) is up about 0.4% at $18.29 in a 52-week range of $13.32-$35.75. EOG Resources Inc. (NYSE: EOG) is up about 0.6% at $95.47 in a 52-week range of $66.81-$119.97.
The US Natural Gas Fund (AMEX: UNG) is down about -4.3% at $16.11 in a 52-week range of $14.25-$50.56. The ETF reflects only natural gas futures for the near-month contract and is a reasonable substitute for the commodity price.
Paul Ausick
Contact [email protected] for any questions or corrections.
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.