Nat Gas Slumps on Lighter-Than-Expected Draw Last Week (UNG)
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United States Natural Gas (NYSE: UNG) is lower Thursday following a lower-than-expected drawdown last week.
Data from teh Energy Information Administration showed nat gas stockpiles falling 95 billion cubic feet (bcf) for the week ending February 21st, versus consensus estimates looking for a drop of 102 bcf.
Total stockpiles fell 6.4 percent to 1.348 trillion cubic feet (tcf) from the prior week. The number is 905 bcf below stockpiles during the same period last year and 711 bcf below the trailing five-year average of 2.059 tcf.
In the East Region, stocks were 361 Bcf below the 5-year average following net withdrawals of 78 Bcf. Stocks in the Producing Region were 251 Bcf below the 5-year average of 775 Bcf after a net withdrawal of 5 Bcf. Stocks in the West Region were 99 Bcf below the 5-year average after a net drawdown of 12 Bcf. At 1,348 Bcf, total working gas is below the 5-year historical range.
Data from teh Energy Information Administration showed nat gas stockpiles falling 95 billion cubic feet (bcf) for the week ending February 21st, versus consensus estimates looking for a drop of 102 bcf.
Total stockpiles fell 6.4 percent to 1.348 trillion cubic feet (tcf) from the prior week. The number is 905 bcf below stockpiles during the same period last year and 711 bcf below the trailing five-year average of 2.059 tcf.
In the East Region, stocks were 361 Bcf below the 5-year average following net withdrawals of 78 Bcf. Stocks in the Producing Region were 251 Bcf below the 5-year average of 775 Bcf after a net withdrawal of 5 Bcf. Stocks in the West Region were 99 Bcf below the 5-year average after a net drawdown of 12 Bcf. At 1,348 Bcf, total working gas is below the 5-year historical range.
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