Thursday, September 13, 2012

EIA Weekly Natural Gas Storage Report--Injections Larger than Expected

As we saw yesterday the early Bloomberg estimate was 26 Bcf which was revised down to 24. The rest of the guesstimate aggregators (Platt's, Dow Jones, Thompson) were in the same ballpark but with wider ranges high-to-low.
The futures are down a couple percent at $2.986. They had dipped to $2.962or down 3%.
From the Energy Information Administration:
Released: September 13, 2012 at 10:30 a.m. (eastern time) for the Week Ending September 7, 2012.
Next Release: September 20, 2012 

Working gas in storage was 3,429 Bcf as of Friday, September 7, 2012, according to EIA estimates. This represents a net increase of 27 Bcf from the previous week. Stocks were 342 Bcf higher than last year at this time and 284 Bcf above the 5-year average of 3,145 Bcf. In the East Region, stocks were 80 Bcf above the 5-year average following net injections of 38 Bcf. Stocks in the Producing Region were 147 Bcf above the 5-year average of 957 Bcf after a net withdrawal of 13 Bcf. Stocks in the West Region were 57 Bcf above the 5-year average after a net addition of 2 Bcf. At 3,429 Bcf, total working gas is above the 5-year historical range....MORE
We'll have more this afternoon.