October futures are up .008 at $2.693. Speculators appear to be focusing on the mini-heat-wave expected over the next few days.
They should probably focus on the production side rather than consumption
The market had been looking for 60-62 Bcf. This is the first time in weeks that injections have been this high and give some indication of how high production remains.
From the Energy Information Administration:
Released: August 30, 2012 at 10:30 a.m. (eastern time) for the Week Ending August 24, 2012.
Next Release: September 6, 2012
Working gas in storage was 3,374 Bcf as of Friday, August 24, 2012, according to EIA estimates. This represents a net increase of 66 Bcf from the previous week. Stocks were 429 Bcf higher than last year at this time and 361 Bcf above the 5-year average of 3,013 Bcf. In the East Region, stocks were 109 Bcf above the 5-year average following net injections of 47 Bcf. Stocks in the Producing Region were 189 Bcf above the 5-year average of 935 Bcf after a net injection of 16 Bcf. Stocks in the West Region were 63 Bcf above the 5-year average after a net addition of 3 Bcf. At 3,374 Bcf, total working gas is above the 5-year historical range.
Working gas stocks in the Producing Region, for the week ending August 24, 2012, totaled 1,124 Bcf, with 227 Bcf in salt cavern facilities and 897 Bcf in nonsalt cavern facilities. Working gas stocks increased 9 Bcf in the salt cavern facilities and increased 7 Bcf in the nonsalt cavern facilities since August 17. An historical series of the salt and nonsalt subtotals of the Producing Region is available for download at: wngsr_producing_region_salt.xls.Here's another of those "Oh, that can't be good for the longs" charts: