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Gas supply, higher than expected

Hydrocarbon Engineering,

The US EIA has reported that US natural gas stocks increased by 87 billion ft3 over the week ending 18th October. Analysts expected a build up of 78 billion ft3. Before the report was released natural gas was trading at US$ 3.55 /million BTU and increased to US$ 3.59.

Stocks, storage and prices
A working stock of 3.74 trillion ft3 of natural gas was indicated in the report. Working gas storage was at 3.83 trillion ft3 at the same time a year ago. Natural gas inventories stand in the middle of the five year range.

Stocks from the largest US natural gas producers reacted to the report as follows;

  • ExxonMobil Corp. up 0.8%.
  • Chesapeake Energy Corp. up 1.8%.
  • EOG Resources Inc. up 0.7%.

Adapted from press release by Claira Lloyd

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