Natural Gas

[dan_s]

Working gas in storage was 2,761 Bcf as of Friday, February 10, 2012, according to EIA estimates. This represents a net decline of 127 Bcf from the previous week. Stocks were 817 Bcf higher than last year at this time and 765 Bcf above the 5-year average of 1,996 Bcf.

It now looks like we will end the winter heating season with 2.2 to 2.4 TCF of natural gas in storage. This will depress prices all year. Stay heavily weighted to oil.