Thursday, February 20, 2014

Natural Gas Storage Report: Inventories Down 250 BCF to 1,443 (and a prior week revision)

The EIA released working natural gas storage inventories this morning:

  • Inventories declined 250 BCF, slightly less than expectations.  Futures initially fell on the news.
  • Inventories for the prior week (Feb 7) were revised upwards by 7 BCF (all in the Producing region).
  • The storage deficit increased vs 2013 to -975 BCF.
  • The storage deficit increased vs 5 Year Avg to -741 BCF.
  • At 1,443 BCF, inventories are on track to bottom out near 1,000 BCF in March.

Salt dome storage in the producing region continued to fall disproportionately:

Not much change to the projected season-ending inventory, up slightly to 976 BCF +/- 190 BCF: