On July 6th the amount of natural gas in storage was 519 Bcf below the 5-year average (more than 19% below normal for this time of year) at 2,203 Bcf.
In early July, 2014 natural gas in storage dipped below 2,100 Bcf and the gas price move over $4.50/MMBtu. Keep in mind that natural gas demand is much higher today.
Over the next few weeks the gap to the 5-year average should close because the eastern half of the U.S. is going to be much cooler through the end of July. Temperatures were way above normal in the first half of July. See daily update at: https://www.weatherbell.com/premium/
As you will see in the Weatherbell update, it will remain above normal in Texas, Louisiana, Oklahoma and Arkansas (poor us). We do have a lot of gas fired "peaking plants" that generate electricity in Texas.
Conclusion: The gap to the 5-year average storage level will close a bit, but it still looks like storage will be ~400 Bcf below the 5-year average on Labor Day.
Natural Gas Supply/Demand
Natural Gas Supply/Demand
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group