Natural Gas Storage Report - June 26
Posted: Thu Jun 26, 2014 3:12 pm
Working gas in storage was 1,829 Bcf as of Friday, June 20, 2014, according to EIA estimates. This represents a net increase of 110 Bcf from the previous week. Stocks were 690 Bcf less than last year at this time and 822 Bcf below the 5-year average of 2,651 Bcf.
We may see one more triple digit build next week and then there will be a steady decline in the builds. Looks like storage will be right at my forecast of 800 bcf below the 5-year average at the end of June.
Storage will be ~3,400 bcf when next winter starts, ~400 bcf below where we started last winter.
Joe Bastardi's forecast is for another very cold winter with the coldest area (compared to average) being further south than where it was last year. Biggest snow storms will be in the Ohio River valley. See http://www.weatherbell.com/ [Joe's private weather services is the most trusted site by the oil & gas industry.]
" EIA expects that the Henry Hub natural gas spot price, which averaged $3.73/MMBtu in 2013, will average $4.74/MMBtu in 2014 and $4.49/MMBtu in 2015."
We may see one more triple digit build next week and then there will be a steady decline in the builds. Looks like storage will be right at my forecast of 800 bcf below the 5-year average at the end of June.
Storage will be ~3,400 bcf when next winter starts, ~400 bcf below where we started last winter.
Joe Bastardi's forecast is for another very cold winter with the coldest area (compared to average) being further south than where it was last year. Biggest snow storms will be in the Ohio River valley. See http://www.weatherbell.com/ [Joe's private weather services is the most trusted site by the oil & gas industry.]
" EIA expects that the Henry Hub natural gas spot price, which averaged $3.73/MMBtu in 2013, will average $4.74/MMBtu in 2014 and $4.49/MMBtu in 2015."