Natural Gas Production Unchanged in May - EIA (UNG)
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In May, natural gas production remained essentially unchanged from April, according to data released by the EIA. 'Other States' excluding the six largest natural gas producers, had the greatest increase at 0.33 bcf/d or 1.5 percent. This is partially explained by new wells being brought online in the Marcellus shale play and gains in Colorado. Oklahoma also had a gain of 0.09 bcf/d or 1.7 percent as new wells were brought online.
Production declined in the Gulf of Mexico and Wyoming by 0.25 bcf/d or 5.5 percent and 0.19 bcf/d or 3.0 percent respectively, partially due to shut-ins for platform and plant maintenance.
Early estimates for this Thursday's Energy Information Administration inventory report on natural gas range from 16 to 28 bcf, well below last year's build of 43 bcf and the five-year average of 56 bcf. If the estimates prove to be correct, it would mark the 14th straight week of below seasonal norms for inventory builds.
United States Natural Gas ETF (NYSE: UNG) pared gains from early in the session after natural gas futures posted their highest intraday price since December today, at 3.277 per million BTU. Futures currently trade at 3.23.
United States Natural Gas (NYSE: UNG) is lower by 0.23 percent intraday on Tuesday.
Production declined in the Gulf of Mexico and Wyoming by 0.25 bcf/d or 5.5 percent and 0.19 bcf/d or 3.0 percent respectively, partially due to shut-ins for platform and plant maintenance.
Early estimates for this Thursday's Energy Information Administration inventory report on natural gas range from 16 to 28 bcf, well below last year's build of 43 bcf and the five-year average of 56 bcf. If the estimates prove to be correct, it would mark the 14th straight week of below seasonal norms for inventory builds.
United States Natural Gas ETF (NYSE: UNG) pared gains from early in the session after natural gas futures posted their highest intraday price since December today, at 3.277 per million BTU. Futures currently trade at 3.23.
United States Natural Gas (NYSE: UNG) is lower by 0.23 percent intraday on Tuesday.
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