Working gas in storage was 3,402 Bcf as of Friday, August 31, 2012, according to EIA estimates. This represents a net increase of 28 Bcf from the previous week. Stocks were 395 Bcf higher than last year at this time and 329 Bcf above the 5-year average of 3,073 Bcf.
Hurricane Isaac had a lot to do with this low increase but still quite bullish for natural gas.
If gas in storage gets within 200 Bcf of the 5-year average by Thanksgiving, we should see NG over $4/mmbtu in January.
See our updated profiles on CRK and RRC (which I posted under the Watch List Tab last night).
Natural Gas Storage Report - August 6
Natural Gas Storage Report - August 6
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group