Wowzers! Record 359 Bcf EIA Natural Gas Storage Pull Delivers on Lofty Expectations

http://www.naturalgasintel.com/articles/113022-wowzers-record-359-b...</>

It's a new record -- and it wasn't even close.

The Energy Information Administration (EIA) reported a staggering 359 Bcf withdrawal from U.S. natural gas stocks for the week ending Jan. 5, a bullish surprise that easily toppled the previous record set in January 2014.

The February contract had already run up above $3.00 ahead of the 10:30 a.m. EDT release of the final number. Once the -359 Bcf figure crossed trading desks, prices quickly bid up above $3.055 before briefly see-sawing back below $2.980. By 11 a.m. EDT, the prompt month was trading around $3.01, up about 10 cents from the previous settle.

Prior to Thursday, the largest net storage pull on record from EIA was a 288 Bcf withdrawal reported on Jan. 10, 2014. The 359 Bcf withdrawal in this week’s report is more than double the year-ago and five-year average withdrawals of 151 Bcf and 162 Bcf, respectively.

Coming off the most potent stretch of heating demand since the notorious polar vortex-influenced 2013-2014 winter, consensus estimates before the report had predicted a record withdrawal. But even with such lofty expectations, the actual number still surpassed the median estimates by around 25 Bcf.

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sorry...can't read the story unless you subscribe. thanks anyway.

I don’t subscribe to NGIntel but was able to read the article shortly after David posted it here today.

The current raw source report is available from EIA:

Weekly Gas Storage Report

This beat consensus estimates by an average of 25 Bcf...

- - (((((((((((((((((((((((((((((((((((((((((((((((((()))))))))))))))))))))))))))))))))))))))))))))))))) - -

- cheap. abundant. homegrown. clean. natural. gas. -

natural gas

- good for america. good for the world. -

- - (((((((((((((((((((((((((((((((((((((((((((((((((()))))))))))))))))))))))))))))))))))))))))))))))))) - -

- lol. { `_`} .

Now, if the lower 48 can just stay below freezing for the next two months.......

- i just got a head's up from my "near west" Houston complex management.

- WARNING! ice Tue Wed.

- geebus Houston in Jan? just say the word ice and power responds bye-bye.

- lol. "they" got us good with Harvey. (no. the other Harvey. that wa LA-CA's Harvey lmao).

- now i guess "they" may have a go with ice. 

- but "their" snow was delightful.

- geebus i better go shoppin' lol.

- { `_`} (-_- ) .

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