Working gas in storage was 2,891 Bcf as of Friday, September 12, 2014, according to EIA estimates. This represents a net increase of 90 Bcf from the previous week. Stocks were 401 Bcf less than last year at this time and 444 Bcf below the 5-year average of 3,335 Bcf.
This is a higher increase than normal for this time of year (+20 bcf), but we are still on track to end the refill season about 300 bcf below where gas in storage was when last winter started. There are 9 weeks left in the refill season. My guess is that we end up around 3,500 bcf before the first draw from storage is reported (around Thanksgiving).
Last fall, storage reached 3,834 bcf before winter heating season began. There is no way for us to increase storage by another Trillion cubic feet before Old Man Winter arrives.
Make no mistake, there is a lot of natural gas out there and it will take a VERY COLD WINTER to drive up the price of gas.
Natural Gas Storage Report - Sept 18
Natural Gas Storage Report - Sept 18
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group