Natural Gas Storage Report - March 12
Posted: Fri Mar 13, 2015 2:07 pm
Working gas in storage was 1,512 Bcf as of Friday, March 6, 2015, according to EIA estimates. This represents a net decline of 198 Bcf from the previous week. Stocks were 483 Bcf higher than last year at this time and 225 Bcf below the 5-year average of 1,737 Bcf.
Return of cold weather to eastern half of U.S. around March 20 should be quite bullish for storage levels, which I now expect to dip below 1,300 Bcf by mid-April. This last blast of winter weather should give some support to natural gas prices this summer, although I don't think we will see gas over $3.00 until late this year. Outlook for gas is much brighter beyond 2015.
Return of cold weather to eastern half of U.S. around March 20 should be quite bullish for storage levels, which I now expect to dip below 1,300 Bcf by mid-April. This last blast of winter weather should give some support to natural gas prices this summer, although I don't think we will see gas over $3.00 until late this year. Outlook for gas is much brighter beyond 2015.