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US Natural Gas Stocks Posts Smaller Gain Than Expected in Week Ended May 8
US natural gas stocks rose by 85 billion cubic feet in the week ended May 8, smaller than the 87 billion gain expected in a survey compiled by Bloomberg as of 7:35 am ET and following an increase of 63 billion cubic feet in the previous week.Stocks at 2.290 trillion cubic feet are 2.3% higher than in the comparable week a year ago and 6.5% above their 5-year average.
Sectors
Natural Gas Moves Lower Ahead of Storage Data on Cooling Long-Term Forecasts
Natural gas prices eased Thursday ahead of fresh storage data on cooler long-term forecasts.Gas for June delivery was last seen down $0.03 to US$2.83 per million British thermal units.The drop comes as long-term forecasts from the National Weather Service expect most states between the Rocky Mountains and Mississippi River to see seasonal or cooler temperatures over the its six to 10-day outlook, cutting into cooling demand.The Energy Information Administration will release its weekly survey of inventories of the fuel, with another large injection into storage expected."We are projecting a +86 (billion cubic foot rise) but should we see a number over 90 Bcf then the support level should fail and we could drop back to near $2.75. A storage number in the low 80's could give the bulls a reason to push back towards $3 but without some help from the weather maps," Gary Cunningham, Director of Market Research at Tradition Energy, noted.
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Sectors
Sector Update: Energy Stocks Edge Higher Pre-Bell Thursday
Energy stocks were edging higher pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) marginally advancing.The United States Oil Fund (USO) was down 0.7% and The United States Natural Gas Fund (UNG) was 0.9% lower.Front-month US West Texas Intermediate crude oil was 0.4% lower at $100.62 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.6% to reach $105.02 per barrel, and natural gas futures were down 1.4% at $2.82 per 1 million British Thermal Units.Kodiak Gas Services (KGS) shares were down more than 4% after the company priced an underwritten public offering of 10.6 million shares at $71 apiece.Chevron (CVX) agreed to sell its downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, to ENEOS for $2.17 billion, ENEOS said. Chevron stock was 0.3% lower pre-bell.
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