Natural Gas Storage Report - October 29
Posted: Thu Oct 29, 2015 10:09 am
Working gas in storage was 3,877 Bcf as of Friday, October 23, 2015, according to EIA estimates. This represents a net increase of 63 Bcf from the previous week. Stocks were 409 Bcf higher than last year at this time and 153 Bcf above the 5-year average of 3,724 Bcf.
Storage level should peak below 4,000 BCF and draws will begin mid-November.
Keep in mind that natural gas demand a is lot higher today than it was five years ago. Key driver for gas prices will be a colder than normal winter in the SE quarter of the U.S. and LNG exports ramping up in Q1. Plus, natural gas production is falling. See: http://www.eia.gov/petroleum/drilling/#tabs-summary-2
No one seems to notice the decline in natural gas production, but I expect it to get more press in December.
Storage level should peak below 4,000 BCF and draws will begin mid-November.
Keep in mind that natural gas demand a is lot higher today than it was five years ago. Key driver for gas prices will be a colder than normal winter in the SE quarter of the U.S. and LNG exports ramping up in Q1. Plus, natural gas production is falling. See: http://www.eia.gov/petroleum/drilling/#tabs-summary-2
No one seems to notice the decline in natural gas production, but I expect it to get more press in December.