Natural Gas Storage Report - July 17

dan_s · Post by **dan_s** » Thu Jul 17, 2014 9:51 am

Working gas in storage was 2,129 Bcf as of Friday, July 11, 2014, according to EIA estimates. This represents a net increase of 107 Bcf from the previous week. Stocks were 608 Bcf less than last year at this time and 727 Bcf below the 5-year average of 2,856 Bcf.

This is obviously bearish for natural gas prices and the futures are taking a beating this morning.

Injections to storage are normally in the low 70's this time of year as summer heat increases the demand for power generation. Since we are having a very cool summer (so far), there is more gas available to go to storage.

At 2,129 BCF in storage, we still have a long way to go to reach EIA's forecast of 3,400 BCF in storage when winter begins. Last year winter started with over 3,800 BCF in storage. There are 19 more weeks of storage builds before winter draws begin.