Natural Gas Storage Report - Dec 18
Posted: Thu Dec 18, 2014 11:33 am
Working gas in storage was 3,295 Bcf as of Friday, December 12, 2014, according to EIA estimates. This represents a net decline of 64 Bcf from the previous week. Stocks were 6 Bcf higher than last year at this time and 258 Bcf below the 5-year average of 3,553 Bcf.
Last winter we had some big draws from storage in early December that caused storage levels to fall way below the 5-year average. This year the big triple digit draws will begin the week of Christmas.
We definitely need a colder than normal winter to support natural gas prices during the first half of 2015. By the 2nd half of next year, production growth will be slowing and demand will be ramping up. I believe that twelve months from now, natural gas prices could be a lot higher.
Last winter we had some big draws from storage in early December that caused storage levels to fall way below the 5-year average. This year the big triple digit draws will begin the week of Christmas.
We definitely need a colder than normal winter to support natural gas prices during the first half of 2015. By the 2nd half of next year, production growth will be slowing and demand will be ramping up. I believe that twelve months from now, natural gas prices could be a lot higher.