Thursday, May 22, 2014

EIA Natural Gas Inventory: +106 BCF

The market was unhappy with the 106 BCF injection this morning, and sent natural gas prices down almost 10 cents, to about $4.37 for the '14 summer contracts.
Natural Gas Weekly Storage Report

Nevertheless, the storage deficit to 2013 and the 5 year average did not make meaningful reductions, standing now at -943 vs historical average, and -774 to 2013.

We are nearing the end of the spring shoulder season, and injections typically begin to fall as summer heat draws electricity.  This is the historical 5 year pattern of injections: