Oil & Gas News

Natural Gas Stocks Drop

natural gas stocks

The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas fell by 63 billion cubic feet for the week ended March 23, causing the market to be oversold. Analysts surveyed by S&P Global Platts had forecast a decrease of 70 billion in stocks, while the five-year average withdrawal is 46 billion. Total stocks now stand at 1.383 trillion cubic feet, down 672 billion cubic feet from a year ago, and 346 billion below the five-year average, the government said. 

May natural gas NGK18, closed Thursday at $2.733 per million British thermal units and moved to the highest level since mid-March.

 Natural Gas Price Range

$2.504 $3.000

 Natural Gas Price RangeAt the end of December 2017, the active month NYMEX natural gas futures contract settled at $2.955 per MMBtu, and at the end of the first quarter of this year and the end of the peak season of demand, the price was trading at the $2.74 level. At the end of Q1 2017, nearby natural gas futures were at $3.192 per MMBtu. And, at the end of Q1 in 2016, the price of the energy commodity stood at $1.963.

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