Weekly Natural Gas Storage Report 6-11-2009


Summary
Working gas in storage was 2,443 Bcf as of Friday, June 5, 2009, according to EIA estimates. This represents a net increase of 106 Bcf from the previous week. Stocks were 568 Bcf higher than last year at this time and 438 Bcf above the 5-year average of 2,005 Bcf. In the East Region, stocks were 82 Bcf above the 5-year average following net injections of 67 Bcf. Stocks in the Producing Region were 255 Bcf above the 5-year average of 702 Bcf after a net injection of 23 Bcf. Stocks in the West Region were 101 Bcf above the 5-year average after a net addition of 16 Bcf. At 2,443 Bcf, total working gas is above the 5-year historical range.

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Permalink Reply by The_Baron on June 11, 2009 at 4:24
Not a good sign for gas prices.....
Permalink Reply by ALongview on June 11, 2009 at 4:46
Baron, when are the decline in rigs and the decline in rates estimated to make a difference? Do you think that we will have a whipsaw effect when these take hold and companies have to ramp up from a very low number of rigs or are we filling up the system enough that we will just be using excess supplies while we ramp up and prices will be more stable?
Permalink Reply by The_Baron on June 11, 2009 at 8:18
The problem is not just on the supply side, the problem is also on the demand side.

Eventualy production will dip, and hopefully demand will pick up soon and prices will rise. But we have a long way to go, just look at where we are in terms on storage from last year when prices spiked.
Permalink Reply by Les Bamburg on June 11, 2009 at 8:40
ALongview, most are projecting 2010 (2nd half?) before the combination of reduced rig count and higher demand will move natural gas prices back above $6.00/MMBtu.
Permalink Reply by The_Baron on June 11, 2009 at 9:08
I'll believe it when I see it....prices could just as easily drop below $3.

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