Natural Gas Supply Continues to Fall

The EIA reported that U.S. working stocks of natural gas totaled 1.78 trillion cubic feet, about 61 billion cubic feet higher than the five-year average of 1.72 trillion cubic feet. Working gas in storage totaled 2.42 trillion cubic feet for the same period a year ago.

The larger-than-expected drop in natural gas in storage could put the price of natural gas solidly above $4 per million BTUs, a level it reached earlier this week for the first time in nearly two years.

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 up 0.1%, at $90.68 in a 52-week range of $77.13 to $93.67.

Chesapeake Energy Corp. (NYSE: CHK) is down about 0.5%, at $20.42 in a 52-week range of $13.32 to $24.19.

EOG Resources Inc. (NYSE: EOG) is up 0.2%, at $128.51 in a 52-week range of $82.48 to $138.20.

The U.S. Natural Gas Fund (NYSEMKT: UNG) is down 0.8%, at $22.07 in a 52-week range of $14.25 to $23.38. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is up 0.1%, at $43.01 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.