The U.S. Energy Department’s weekly inventory release showed a smaller-than-expected decrease in natural gas supplies. The negative inventory numbers, coupled with other factors, meant that futures plunged more than 14% week over week.
Despite this, the market has been kind to natural gas in 2022, with the commodity trading considerably higher year to date and hitting $10 for the first time since 2008. Natural gas stocks like Range Resources RRC, EQT Corporation EQT and Comstock Resources CRK have been some of the prime beneficiaries of the price appreciation.