Natural Gas Storage Report - Feb 18
Posted: Thu Feb 18, 2016 1:06 pm
Working gas in storage was 2,706 Bcf as of Friday, February 12, 2016, according to EIA estimates. This represents a net decline of 158 Bcf from the previous week. Stocks were 532 Bcf higher than last year at this time and 555 Bcf above the five-year average of 2,151 Bcf. At 2,706 Bcf, total working gas is within the five-year historical range.
It is now looking like storage at the end of the winter heating season will be 2,200 to 2,300 Bcf, compared to the 5-year average of 1,608 Bcf. That is high, but not crazy high. In December, I saw predictions of ending storage over 3,000 Bcf.
U.S. gas production is now declining by 0.4 Bcf per day month-after-month.
See for yourself at: http://www.eia.gov/petroleum/drilling/#tabs-summary-2
Falling production combined with increasing summer demand for power generation should give some support for gas prices this year. El Nino winters have a habit of extending into April, which would sure help.
It is now looking like storage at the end of the winter heating season will be 2,200 to 2,300 Bcf, compared to the 5-year average of 1,608 Bcf. That is high, but not crazy high. In December, I saw predictions of ending storage over 3,000 Bcf.
U.S. gas production is now declining by 0.4 Bcf per day month-after-month.
See for yourself at: http://www.eia.gov/petroleum/drilling/#tabs-summary-2
Falling production combined with increasing summer demand for power generation should give some support for gas prices this year. El Nino winters have a habit of extending into April, which would sure help.