Significant Heat Forecast for Current Week: 83 CDD vs 66 CDD Norm

This week is forecast to be warmer than all but two of last year's summer weeks, at 83 CDD.
Cooling Degree Day Report

Among the major gas-fired electricity consuming states, all are above normal but California is drastically above, though the similar week last year was even warmer there.

EIA Natural Gas Weekly Storage: +110 BCF

Another massive storage anomaly this week, as an injection of +110 BCF was reported by EIA for the week ended June 20.  It sent gas futures down a steep 11 cents, as the storage number was about 5 BCF above the average estimates.
Natural Gas Weekly Storage Report

Comparisons with prior periods improved, as the variance with the 5 year average fell from 851 to 822 BCF below, and from 706 to 690 vs last year.

EIA Weekly Petroleum Report: A Weaker Picture this Week

EIA reported increases in crude, gasoline, and diesel inventories this week.  Overall, stocks remain high for crude, average for gasoline, and low for distillate.

Regionally, stocks increased in the closely watched Cushing, OK storage region and the gulf coast, leaving Cushing well below the historical range, and gulf coast well above.

Demand showed weakness in both gasoline and diesel, with weekly gasoline demand falling below the 5 year range, and distillate falling for the 4th week in a row to the middle of the range:

Texas (ERCOT) Electricity Generation and Demand: May 2014

ERCOT total generation in May 2014 was almost identical to May 2013, at 882 vs 884.  Fossil fuels did however take a larger share of the generation pie, up to 77.7% from 72.6%.

Coal was responsible for slightly more generation than Natural Gas in May, at 50.4% vs 49.6% for Natural Gas.  That too was comparable to May 2013.

Baker Hughes Rig Counts: Oil Gains (+6) Gas Loses (-10)

Baker Hughes rig counts released today show Oil rig power up to a new multi-year high at 1,019 horizontal rigs, a gain of six horizontals on the week.  Gas rig power weakened notably, as horizontals fell -8 to a new low of 299 horizontal rigs working.

The Permian returned to its oil dominated march upward, gaining 4 new horizontal oil rigs:

Other notable changes included a new high in oil rigs in the DJ Basin:

Overall oil and gas activity has increased on a multi-week trend in the Granite Wash:

Drilling continues its seasonal recovery in Canada, though oil has rebounded much more than gas, both in Canada as a whole and Alberta particularly:

Full Reports:

Rig Count Summary

Rig Count by Basin

Rig Count by State

Canada Rig Counts