Thursday, May 15, 2014

EIA Natural Gas Storage Report: 105 BCF (Effective 97 BCF after Adjustment)

Today's EIA Natural Gas Storage Report showed a net 97 BCF injection, very supportive for prices which jumped a surprising 15 cents on the news after a week of price declines.  8 BCF of base gas was reclassified to working gas this week, resulting in a gross 105 BCF injection but a net 97 BCF.
Natural Gas Weekly Storage Report

Today's injection closed the gap with the 5 year average to -959 BCF, and it now sits 790 BCF below last year's level.

Salt dome storage recovered, now close to the lower end of the 5 year range:

But the non-salt storage in the producing region remained at a large historical deficit:

Storage in the West Region was the healthiest, nearing the the 5 year range now: