Natural Gas Storage Report - Dec 7
Posted: Fri Dec 07, 2018 2:49 pm
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.
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.