Natural Gas Storage Report - Feb. 14

dan_s · Post by **dan_s** » Sun Feb 17, 2013 4:12 pm

Working gas in storage was 2,527 Bcf as of Friday, February 8, 2013, according to EIA estimates. This represents a net decline of 157 Bcf from the previous week. Stocks were 270 Bcf less than last year at this time and 348 Bcf above the 5-year average of 2,179 Bcf.

If NG in storage gets below 2,100 bcf by the end of March, we have a very good shot of natural gas averaging $3.50/mcf this year. The next two weeks storage reports are very important as the volumes drawn from storage drop sharply when we get to March.

It looks like this week's weather will be bullish for natural gas as cold air is moving into the Great Lakes region over the next few days. The states that burn the most gas for space heating are Illinois, Ohio, Michigan, Minn. and Wis. (Texas is #6)