Thursday, March 27, 2014

EIA Natural Gas Storage Report: -57 BCF Withdrawal

Working gas in storage fell to 896 BCF as EIA announced a 57 BCF withdrawal for the week ended March 21.

Natural Gas Storage Report

March 2013 had extremely cold weather, so storage variance did not move much, still holding at about 900 BCF below last year and the 5 year average.

With weather close to normal (slightly cooler), but much warmer than 2013, salt dome storage recovered slightly (+3 BCF), while non-salt storage fell solidly again by 18 BCF to just 311 BCF.

Colder weather was forecast by NOAA for the current week (156 HDD vs 152 HDD):

This makes another large withdrawal likely next week, reducing inventories to a seasonal low below 850 BCF as we exit March.