US Nat Gas Inventory Fall
US Nat Gas Inventory Fall
OIH, UNG
The US Energy Information Administration EIA Thursday reported the US Nat Gas stocks declined by 201 billion cubic feet last week, above an average expected drop of around 186 billion cubic feet.
Nat Gas futures prices were a bit higher in advance of the EIA’s report at around $3.16 per million BTUs, and rose quickly above $3.19 immediately following the EIA report.
The EIA reported that US working stocks of Nat Gas totaled 3.32 trillion cubic feet, about 320 billion cubic feet higher than the 5 yr average of 3.0 trillion cubic feet. Working Nat Gas in storage totaled 3.4 trillion cubic feet for the same period a year ago.
Storage levels remain slightly above the top of the 5 yr range even though the draw on stocks was even larger than last week’s draw of 135 billion cubic feet. Nat Gas prices are about 19% off recent highs around $3.93 per thousand cubic feet.
The US Natural Gas Fund (NYSEMKT: UNG) is up 1.7% at 17.86 in a 52-wk range of 14.25 to 23.92.
The Market Vectors Oil Services ETF (NYSEMKT: OIH) is up about 0.4% at 40.44 in a 52-wk range of 32.54 to 45.14.
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Linda Johnson,
Business Development Director – Private Client Group,
Sales@Heffcap.com
Singapore
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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