Natural Gas Storage Report - Dec 3

[dan_s]

Working gas in storage was 3,725 Bcf as of Friday, December 3, 2010, according to EIA estimates. This represents a net decline of 89 Bcf from the previous week. Stocks were 57 Bcf less than last year at this time and 332 Bcf above the 5-year average of 3,393 Bcf.

This is mildly bullish. We are off to a good start. I report of 100 bcf draw next week should firm up gas prices.

Still a lot of gas out there. The best we can hope for is $5/mcf in January if the colder than normal weather continues.