Natural Gas

dan_s · Post by **dan_s** » Sat Apr 28, 2012 1:06 pm

Working gas in storage was 2,548 Bcf as of Friday, April 20, 2012, according to EIA estimates. This represents a net increase of 47 Bcf from the previous week. Stocks were 872 Bcf higher than last year at this time and 908 Bcf above the 5-year average of 1,640 Bcf.

At least the surplus over 5-year average is coming down. NG closed over $2.18 on Friday, up 19 cents for the week. The first good week in two months.

Demand for NG should be going up with more demand from utilities for power generation.

Don't get too excited. Rigs drilling for dry gas continues to fall but there is lots of high btu gas coming on-line in the Bakken and Eagle Ford. Lots of gas wells are choked back as well.