8/20/2009 Underground storage report
Summary
Working gas in storage was 3,204 Bcf as of Friday, August 14, 2009, according to EIA estimates. This represents a net increase of 52 Bcf from the previous week. Stocks were 562 Bcf higher than last year at this time and 513 Bcf above the 5-year average of 2,691 Bcf. In the East Region, stocks were 162 Bcf above the 5-year average following net injections of 46 Bcf. Stocks in the Producing Region were 275 Bcf above the 5-year average of 799 Bcf after a net injection of 1 Bcf. Stocks in the West Region were 75 Bcf above the 5-year average after a net addition of 5 Bcf. At 3,204 Bcf, total working gas is above the 5-year historical range.
Views: 17
Replies to This Discussion
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Permalink Reply by Grillin' - MmmMmm on
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Believe it or not, that number was "good" compared to what some were projecting. I like the way the red curve is starting to roll over a little bit...or at least it isn't going up as fast as it used to. But look at the shape fo the top of the 5-year range...it dips a bit and then goes back up!
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Permalink Reply by The_Baron on
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By the way the NYMEX is reacting, I think that the # was worse than expected.
oil is up a few pennies, but gas is currently down 17 cents or over 6% for the day. Now less than $3
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Permalink Reply by sesport on -
The data for the past 2 years shows peaks in Oct., YIKES! this is only August and we have a little more than 60 days left to go. Mmmarkkk, how's that grill hook-up project coming along? lol
:0)
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Permalink Reply by Grillin' - MmmMmm on
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Even I can't burn up that much gas...even on a 24-hour a day Obammanation marathon on MSNBC!!!
We need to get a few million more folks doing some serious grilling!! Put a chicken on a stick and stick it out over the flare pit boys!!!
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Permalink Reply by sesport on
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LOL! What if every high school were to hook up to have BBQ chicken dinner fundraisers? :0)
Sorry, Baron, I'll quit now.
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Permalink Reply by Grillin' - MmmMmm on
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PETA would protest! Plus, you are ignoring the "constitutional rights" of the vegans!
Here in Texas it is now offically against the law for public schools to serve anything fried in the school cafeterias. And no soda's as well! Maybe that will help the grilling community!
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Permalink Reply by Bacon on
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Sorry to get back on topic, haha. I found this in the NG Weekly Update. Just another of the many (I suspect) reasons for the storage situation.
"A significant differential between current spot prices and prices for NYMEX futures contracts for next winter delivery provides a strong economic incentive for the high level of storage activity this year. On Friday, August 14, the date of the inventory measurement in this week's report, the Henry Hub average price was $3.18 per MMBtu, while the average price for delivery next winter (November through March) was $5.32 per MMBtu. Traders on the futures market are able to lock in this difference of over $2 per MMBtu and cover their risk exposure by storing supplies until next winter."
http://www.ibtimes.com/articles/20090820/natural-gas-weekly-update.htm
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