Natural Gas Inventories Fall Again, Price Rises Slightly
The US Energy Information Administration today reported the US natural gas stocks fell by a total of 127 billion cubic feet, higher than the drawdown of 120 billion cubic feet that analysts had expected. Natural gas prices responded by rising…
The US Energy Information Administration today reported the US natural gas stocks fell by a total of 127 billion cubic feet, higher than the drawdown of 120 billion cubic feet that analysts had expected. Natural gas prices responded by rising nearly 1.5% to about $2.47/thousand cubic feet.
The EIA reported that US working stocks of natural gas totaled 2.76 trillion cubic feet, about 765 billion cubic feet higher than the five-year average of 1.99 trillion cubic feet. Working gas in storage totaled 1.94 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.