Working gas in storage was 3,806 Bcf as of Friday, December 7, 2012, according to EIA estimates. This represents a net increase of 2 Bcf from the previous week. Stocks were 48 Bcf higher than last year at this time and 283 Bcf above the 5-year average of 3,523 Bcf.
This is bearish but with colder weather this week we should start to see nice weekly draws starting next week. Still way too early to tell what kind of winter this will turn out to be. I still believe that if gas in storage gets back within the 5-year range we have a good chance of seeing $5/mcf in 2013.
I just looked at the forecast map for 7 days from now and it looks like a nice cold airmass is moving down to blanket the upper midwest next week. See http://www.wunderground.com/ndfdimage/v ... emp&msg=33
Natural Gas Storage Report - Dec. 13
Natural Gas Storage Report - Dec. 13
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group