Thursday, April 28, 2011

Chesapeake (CHK) (SM) (ETP) (KMI) Trade Mixed as Natural Gas Jumps

SM Energy (NYSE:SM), Energy Transfer Partners (NYSE:ETP), Kinder Morgan (NYSE:KMI) and Chesapeake Energy (NYSE:CHK) were trading mixed as June futures contracts for natural gas jumped today after a report from the U.S. Energy Information Administration revealed inventories rose slower than expected.

June natural gas contracts climbed 3.2 percent to $4.548 per million British thermal units after hitting a one-month high at $4.559.

The U.S. Energy Information Administration reported Thursday that natural gas storage levels climbed 31 billion cubic feet (Bcf) to 1,685 Bcf as of Friday, April 22. On average, analysts were looking for an injection of 35 bcf.

Stocks were 215 Bcf below the same time last year and 11 Bcf less than the five-year average of 1,696 Bcf.

United States Natural Gas Fund (NYSE:UNG) is trading up on the news, rising to $11.76, gaining $0.38, or 3.34 percent, as of 12:04 PM EDT.

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