Natural Gas Storage Report - Dec 28

[dan_s]

Working gas in storage was 2,725 Bcf as of Friday, December 21, 2018, according to EIA estimates.
This represents a net decrease of 48 Bcf from the previous week.
Stocks were 623 Bcf less than last year at this time and 647 Bcf below the five-year average of 3,372 Bcf.
At 2,725 Bcf, total working gas is below the five-year historical range.
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The 5-year average draws from storage over the last ten days of the year is 207 Bcf, so storage on 12/31/2018 s/b within the range of 2,500 to 2,550 Bcf

Storage has NEVER been this low heading into the first quarter.

Watch the 16 minute December 28 update here: https://www.weatherbell.com/premium/

We are approaching the time of year when there will be BIG SWINGS in the weather.
Last year we had a draw from storage over 350 Bcf the week of January 5-11
As you will see in the video above, there is a big difference in the U.S. weather forecasts for January & February. ONLY the U.S. weather service has the weather turning warmer than normal after mid-January. As I have posted here many times, I believe the U.S. weather service is biased to warmer forecasts because the employees know that "The Boss" believes in Global Warming and wants warmer forecasts. That said, it is now up to Mother Nature where natural gas prices wind up in 2019.

[dan_s]

Just in case you are wondering...
The 5-year average draws from storage by month:
842 Bcf in January
647 Bcf in February
264 Bcf in March
1,753 Bcf is the 5-year average draws from storage during Q1 each year.

So, a normal winter in the first quarter could push storage under 800 Bcf by March 31st, which would be a new record low heading into refill season.