Nat Gas supplies declines 135 BCF still storage 23 BCF above last year--But it's getting Cold

Supplies fell 135 billion cubic feet for the week ended Dec. 28, the EIA said.
Analysts polled by Platts forecast a decline between 133 billion cubic feet and
137 bcf. Total stocks now stand at 3.517 trillion cubic feet, up 23 billion
cubic feet from the year-ago level and 389 billion cubic feet above the
five-year average, the government said. February natural gas was at $3.28 per
million British thermal units, up 8 cents, or 2.5%. It was trading around $3.25
shortly before the data, which had been delayed due to the New Year's Day
holiday. March natural gas /quotes/zigman/2294272 NGH13
+1.46% added
8 cents, or 2.4%, to $3.29.

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Permalink Reply by Two Dogs, Pirate on January 4, 2013 at 16:56

My uncle was a young up and commer with a company that would become CLECO. He came up through a company that started as an ice  company and became an electrical & natural gas provider through-out central Louisiana. He was the one that told me of the price in 1950.

Permalink Reply by adubu on January 4, 2013 at 17:34
2dog --I would never question your uncle but I thought the price of nickel was early 60s. I remember tout line fishing for cat fish early mid 50s Black Lake off River near Jena,La and sky always bright at night from gas flaring on wells around .
Permalink Reply by dbob on January 4, 2013 at 17:40

Jena was oil development and largely still is.  

Permalink Reply by adubu on January 5, 2013 at 5:12
dbob-- yep oil wells with good gas pressure to flow the well so pumping not required. Not much market then for gas basically was waste and easier to flare no cost. Now EPA will not allow except for ultrashort time to complete well and connect gas to pipeline or recycle into well. What formation and depth is the oil field around Jena? How much these wells produce? It is still active in area for I have not been back to area for decades. I am East Texan
Permalink Reply by Frank on January 4, 2013 at 13:41

Don't ignore the fact that low gas prices took out low efficiency dirt burners while the nukes were getting wrenches all summer.  Those facts changed the gas burn percentage for electric energy far more than a structural shift in my opinion.  How many coal plant licenses were closed when they went down during the air conditioning season?  None, I bet.  They can fire back up if coal becomes favorable again.  Power generation has locked gas to lower prices in competition in my opinion due to the oversupply.  This still isn't a green sort of economy in spite of the PR that corporations tout in the press.

Permalink Reply by adubu on January 4, 2013 at 15:31
Frank-- very true what we need is more demand usage like the chemical companies and then one day get the LNG exports going

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