Thursday, May 8, 2014

EIA Natural Gas Storage Report: Bearish +74 BCF

Natural gas in storage rose by 74 BCF in the week ended May 2.  This was above market expectations of about 70 BCF, and sent gas prices down sharply this morning. 
Natural Gas Weekly Storage Report

Nonetheless, inventories remain exceptionally low for this time of year, 982 BCF below the 5 year average and 797 BCF below last year's levels.

Inventories are recovering in the West and Producing EIA Regions, though the consuming East still lags.  Within the Producing Region, salt dome storage is back near historical minimums, while non-salt reservoirs remain at record lows: