Natural Gas Storage Report
Posted: Thu Jun 24, 2010 11:09 am
Working gas in storage was 2,624 Bcf as of Friday, June 18, 2010, according to EIA estimates. This represents a net increase of 81 Bcf from the previous week. Stocks were 14 Bcf less than last year at this time and 309 Bcf above the 5-year average of 2,315 Bcf.
For the last eight weeks the injections to storage have been slightly less than for the same week last year. If that trend continues, it should support NG prices in the $4.50 to $5.00 range. Hot and humid weather across Texas and the Southeast remains in the forecast so NG demand for power generation should be strong.
There is a lot of gas out there so prices moving over $5/mcf is unlikely unless a hurricane disrupts supply.
Dan
For the last eight weeks the injections to storage have been slightly less than for the same week last year. If that trend continues, it should support NG prices in the $4.50 to $5.00 range. Hot and humid weather across Texas and the Southeast remains in the forecast so NG demand for power generation should be strong.
There is a lot of gas out there so prices moving over $5/mcf is unlikely unless a hurricane disrupts supply.
Dan