Natural Gas Storage Report - Jan 22
Posted: Thu Jan 22, 2015 4:02 pm
Working gas in storage was 2,637 Bcf as of Friday, January 16, 2015, according to EIA estimates. This represents a net decline of 216 Bcf from the previous week. Stocks were 199 Bcf higher than last year at this time and 153 Bcf below the 5-year average of 2,790 Bcf.
We need to see draws from storage average over 200 BCF for the nine weeks in January & February. If so, Ngas price has a good chance at firming up a bit and averaging over $3.00 in 2015. So far so good. Weather forecast for first two weeks of February looks very promising for natural gas demand.
We need to see draws from storage average over 200 BCF for the nine weeks in January & February. If so, Ngas price has a good chance at firming up a bit and averaging over $3.00 in 2015. So far so good. Weather forecast for first two weeks of February looks very promising for natural gas demand.