Natural Gas Storage Report (a new record) - Jan 11

[dan_s]

Well, if this storage report does not cause a stir then I don't know what it takes. The previous record draw was 288 Bcf in January, 2014.

Working gas in storage was 2,767 Bcf as of Friday, January 5, 2018, according to EIA estimates. This represents a net decrease of 359 Bcf from the previous week.

Stocks were 415 Bcf less than last year at this time and 382 Bcf below the five-year average of 3,149 Bcf. At 2,767 Bcf, total working gas is within the five-year historical range.
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Winter isn't over. Temperatures in Chicago will plunge into the teens tonight and it will stay below average for the next seven days. Next week's storage report s/b around the 5-year average and then we'll get another big draw.

NGLs: This weather pattern is extremely bullish for NGL prices. Propane inventories are plunging. Severe shortage of the heating fuel in Minn and Wis.

[dan_s]

This does not mean that I have turned bullish on natural gas prices. < Just want to make this perfectly clear to those of you that beat the hell out of me whenever my forecasts are off a bit. Remember: "Forecasting is hard, especially when it is about the future" - Yogi Berra

Do this:

1. Go here https://www.weatherbell.com/premium/ and watch the daily update.

2. Go here http://www.americanoilman.com/ and see what the 5-year average for natural gas storage is at the end of January.

Then come back here and give us your prediction of where gas in storage will be on 1/31/2018.

[dan_s]

Part of the big draw from storage last week was due to well freeze offs in the Utica/Marcellus play in Ohio and PA. That is going to happen again this week.