Oil and Gas Prices Fluctuate as Government Shuts Down
Today, the Energy Information Administration released its weekly reports on the status of various liquid fuels in the United States, covering the week that ended October 4. The reports cover 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 the shutdown of the government of the United States, which has dominated headlines and sparked fears of a U.S. debt default.
Working natural gas in storage — the volume readily available to the market — increased by 90 billion cubic feet in the week ended October 4 to 3,577 Bcf, according to EIA estimates. This is down by 138 Bcf from the same period last year, but slightly above the historical 5-year average.