The EIA reported that U.S. working stocks of natural gas totaled 3.26 trillion cubic feet, about 363 billion cubic feet higher than the five-year average of 2.9 trillion cubic feet. Working gas in storage totaled 2.82 trillion cubic feet for the same period a year ago.
U.S. natural gas inventories are about 16% higher than they were a year ago and nearly 13% higher than the five-year average. Both figures are lower than they were a week ago.
Natural gas futures prices are about 43% higher than they were at their low point of $1.90 per thousand cubic feet in April of this year. Working gas in storage remains above the high end of the five-year average, but the gap is narrowing. That could offer a little boost to gas prices going forward.
Exxon Mobil Corp. (NYSE: XOM), the country’s largest producer of natural gas, is up about 0.5% at $88.43 in a 52-week range of $67.93 to $88.67. Chesapeake Energy Corp. (NYSE: CHK) is up about 0.3% at $19.02 in a 52-week range of $13.32 to $33.87. EOG Resources Inc. (NYSE: EOG) is up about 0.4% at $110.30 in a 52-week range of $66.81 to $119.97.
The US Natural Gas Fund (NYSEMKT: UNG) is down about 0.6% at $18.74 in a 52-week range of $14.25 to $41.60. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is up about 1% at $40.97 in a 52-week range of $32.54 to $45.14. The first fund tracks spot prices; the second includes major drillers and services companies.
Paul Ausick
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