NG Storage Report - bullish April 22

dan_s · Post by **dan_s** » Thu Apr 28, 2011 10:01 am

Working gas in storage was 1,685 Bcf as of Friday, April 22, 2011, according to EIA estimates. This represents a net increase of 31 Bcf from the previous week. Stocks were 215 Bcf less than last year at this time and 11 Bcf below the 5-year average of 1,696 Bcf.

This is mildly bullish for natural gas prices.

If NG prices can stay above $4/mcf, which it is beginning to appear they will, then it is very bullish for the onshore drillers and a lot of our Sweet - 16.