Natural Gas Storage Report - Dec 7

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dan_s
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Joined: Fri Apr 23, 2010 8:22 am

Natural Gas Storage Report - Dec 7

Post by dan_s »

Working gas in storage was 2,991 Bcf as of Friday, November 30, 2018, according to EIA estimates. This represents a net decrease of 63 Bcf from the previous week. Stocks were 704 Bcf less than last year at this time and 725 Bcf below the five-year average of 3,716 Bcf. At 2,991 Bcf, total working gas is below the five-year historical range.

During December over 400 Bcf will be drawn from storage. I expect the January NYMEX contract to close over $5.00/MMBtu before Christmas. It is currently trading for $4.50.

We are one "Polar Vortex" away from a big spike in gas prices.
Dan Steffens
Energy Prospectus Group
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