Natural Gas Inventories Fall Again, Price Also Falls
The US Energy Information Administration today reported the US natural gas stocks fell by a total of 78 billion cubic feet, at the low end of the drawdown of 78-110 billion cubic feet that analysts had expected. Natural gas prices…
The US Energy Information Administration today reported the US natural gas stocks fell by a total of 78 billion cubic feet, at the low end of the drawdown of 78-110 billion cubic feet that analysts had expected. Natural gas prices responded by falling nearly -1% to $2.44/thousand cubic feet, down from last week’s price of $2.45/thousand cubic feet.
The EIA reported that US working stocks of natural gas totaled 2.88 trillion cubic feet, about 714 billion cubic feet higher than the five-year average of 2.17 trillion cubic feet. Working gas in storage totaled 2.17 trillion cubic feet for the same period a year ago.
Natural gas spot prices averaged $2.68/thousand cubic feet in January, their lowest level in 10-years excepting the Labor Day weekend in 2009. At the current rate, the average could be even lower in February as unusually warm winter weather continues in the US.
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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.
