Natural Gas Storage Report - March 31

[dan_s]

Working gas in storage was 2,468 Bcf as of Friday, March 25, 2016, according to EIA estimates. This represents a net decline of 25 Bcf from the previous week. Stocks were 1,002 Bcf higher than last year at this time and 843 Bcf above the five-year average of 1,625 Bcf.

We should see another 50 Bcf drawn from storage before refill season begins.

This high storage level is bearish, but production is falling and demand is going up this year. U.S. market should see 4-6 Bcf per day tighter market heading into the next heating season.

Hot summer would help raise gas demand for power generation.