Thursday, January 30, 2014

Natural Gas Inventory: 230 BCF Withdrawal

The EIA reported natural gas inventories were down 230 BCF in the week ended Jan 24.  This was close to expectations, judging from the muted reaction in the futures market.

This puts storage 637 B below last year, and 437 below the 5 year average.  With anomalous cold forecast for the next 3 storage reports, storage will likely end between 1.4 and 1.5 TCF after the Feb 13 reporting week.  5 year average withdrawals from that point onward would bring storage near 1 TCF by the end of winter, more than 600 B below '13.  

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