Skip to comments.Weekly Natural Gas Storage Report for 7-Feb-2014 [Oops]
Posted on 02/13/2014 11:20:39 AM PST by topher
Working gas in storage was 1,686 Bcf as of Friday, February 7, 2014, according to EIA estimates. This represents a net decline of 237 Bcf from the previous week. Stocks were 863 Bcf less than last year at this time and 631 Bcf below the 5-year average of 2,317 Bcf. In the East Region, stocks were 315 Bcf below the 5-year average following net withdrawals of 106 Bcf. Stocks in the Producing Region were 232 Bcf below the 5-year average of 845 Bcf after a net withdrawal of 89 Bcf. Stocks in the West Region were 84 Bcf below the 5-year average after a net drawdown of 42 Bcf. At 1,686 Bcf, total working gas is below the 5-year historical range.
They are 0.863 Trillion cubic feet below the amount in storage at this time last year.
Considering, there is only 1.68 Trillion cubic feet in underground storage, we could get CLOSE to draining the underground storage.
And this is without the numbers from the storm that has ravaged the South and Northeast...
Wall Street has reacted by putting the price over $5.
Note that the date in the report will change with the next release on February 20, 2014...
The draw-down of Natural Gas starts with about 3.6 trillion cubic feet in storage. We could be around 1.0 trillion to 1.2 trillion next week, and we are not out February — yet.
I think the temps are turning the corner in the next week.
We’re at mid-February and we’re only at 315 Bcf below the 5-year average. I think it looks worse than it is because we had several moderate winters.
I remember following these reports when we started with only 2.8 trillion cubic feet in storage.
We started this season with 3.6 trillion cubic feet.
These are producing states (and areas), and having temperatures around freezing causing problems with natural gas production because of condensation problems.
I remember following this when we could only get 2.8 trillion c.f. in storage.
We may have trouble getting to 3.6 trillion c.f. in October...
This underground storage is such a huge reserve that it would be bad to get too close to emptying it.
However, a higher price might drive a higher storage volume...