Natural Gas Storage Report - Dec 1
Posted: Thu Dec 01, 2016 12:19 pm
Working gas in storage was 3,995 Bcf as of Friday, November 25, 2016, according to EIA estimates. This represents a net decline of 50 Bcf from the previous week. Stocks were 24 Bcf higher than last year at this time and 235 Bcf above the five-year average of 3,760 Bcf. At 3,995 Bcf, total working gas is above the five-year historical range.
Natural gas in storage should go below last year's level by Mid-December. I think it will go below the 5-year average in January. The last time it went below the 5-year average gas prices spiked to over $6.00/MMBtu.
One of the reasons that I am bullish on natural gas is the rapid increase in U.S. exports of gas. Read the article at the link below. I think you will be amazed at how much gas is already being shipped via pipeline to Mexico: http://www.eia.gov/todayinenergy/detail ... d8Ko.email
Natural gas in storage should go below last year's level by Mid-December. I think it will go below the 5-year average in January. The last time it went below the 5-year average gas prices spiked to over $6.00/MMBtu.
One of the reasons that I am bullish on natural gas is the rapid increase in U.S. exports of gas. Read the article at the link below. I think you will be amazed at how much gas is already being shipped via pipeline to Mexico: http://www.eia.gov/todayinenergy/detail ... d8Ko.email