Data: Natural Gas Stores Rise, But Oil Reserves Fall
The Energy Information Administration released its weekly reports on the status of various liquid fuels in the United States, covering the week that ended September 13. The reports include natural gas and petroleum, presenting data about the production, storage, and prices of the fuels.
Changes in the data can reflect natural variations, seasonal trends, long-term market effects, and current events in regions of the globe where liquid fuels are produced, processed, and sold. This week was highlighted by tension over the production levels of oil from Middle Eastern countries including Iran, while tension began to lessen over Syria.
Working natural gas in storage — the volume readily available to the market — increased by 46 billion cubic feet in the week ended September 13 to 3,299 Bcf, according to EIA estimates. This is down by 187 Bcf from the same period last year and within a standard range taken from 5-year averages. As of Thursday, futures traded at $3.713/mmBTU, up nearly 15 cents on the week but still below the $4 to $6 range within which producers can both earn a profit remain and compete with alternative fuels such as coal.