Natural Gas Storage Report - Jan 7

[dan_s]

Working gas in storage was 3,643 Bcf as of Friday, January 1, 2016, according to EIA estimates. This represents a net decline of 113 Bcf from the previous week. Stocks were 535 Bcf higher than last year at this time and 464 Bcf above the five-year average of 3,179 Bcf. At 3,643 Bcf, total working gas is above the five-year historical range.

Gas in storage should drop 700-800 Bcf in January. See the 1/7 update at http://www.weatherbell.com/

Temps in the southern 2/3 of the U.S. (where a lot of natural gas is used for space heating) are going to be much colder than normal over the next six to eight weeks. Looks like a major snow event is coming in 8-10 days. Atlanta expected to be hit very hard and storm will then move up the east coast.

[dan_s]

Europeans use a lot of oil for space heating.