Natural Gas Storage Report - Dec 19

[dan_s]

Working gas in storage was 3,248 Bcf as of Friday, December 13, 2013, according to EIA estimates. This represents a net decline of 285 Bcf from the previous week. Stocks were 488 Bcf less than last year at this time and 261 Bcf below the 5-year average of 3,509 Bcf.

This is the largest draw from U.S. gas storage EVER!

Next weeks reported draw (for the current week) is rumored to be high, but not this high.

Henry Hub pricing currently remains in the $4.25 to $4.45 range.

Last year for this week: -82 BCF
5 year average for this week: -131 BCF

For next week comparison:
Last year same week: -72 BCF
5 year average for same week: -112

It now looks like my forecast of storage below 3,000 bcf by year-end is a lock. We have a shot at 2,900 bcf, which would be VERY BULLISH for Q1 gas prices.