Working gas in storage was 3,693 Bcf as of Friday, November 24, 2017, according to EIA estimates. This represents a net decrease of 33 Bcf from the previous week. Stocks were 309 Bcf less than last year at this time and 107 Bcf below the five-year average of 3,800 Bcf. At 3,693 Bcf, total working gas is within the five-year historical range.
Weather forecast for back half of December looks VERY BULLISH for natural gas prices. Keep in mind that at the end of November last year we had a big surplus of gas in storage and a cold December pushed gas price over $3.70/MMBtu.
I now think there is a good chance we see storage tip to 3,000 Bcf by end of December. It that happens, we should see much higher gas prices in Q1.
Natural Gas Storage Report - Nov 30
Natural Gas Storage Report - Nov 30
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group