Thursday, October 4, 2012

EIA Natural Gas Storage Report-Oct. 4, 2012 UP 77 BCF (watch producing region capacity)

In AH electronic trade the futures are up a half-penny at $3.411.
From the Energy Information Administration:

Released: October 4, 2012 at 10:30 a.m. (eastern time) for the Week Ending September 28, 2012.
Next Release: October 11, 2012 

Summary
Working gas in storage was 3,653 Bcf as of Friday, September 28, 2012, according to EIA estimates. This represents a net increase of 77 Bcf from the previous week. Stocks were 272 Bcf higher than last year at this time and 281 Bcf above the 5-year average of 3,372 Bcf. In the East Region, stocks were 70 Bcf above the 5-year average following net injections of 42 Bcf. Stocks in the Producing Region were 163 Bcf above the 5-year average of 1,017 Bcf after a net injection of 27 Bcf. Stocks in the West Region were 47 Bcf above the 5-year average after a net addition of 8 Bcf. At 3,653 Bcf, total working gas is above the 5-year historical range. ...MORE
Just for reference, the EIA's estimate of Peak Storage Capacity (Apr. 2012, released Sept. 2012) for the producing region is 1,417Bcf while gas in storage is currently at 1,180.If there are any storage problems this is where thy will show up. 137Bcf to go.

Here's the two week chart via FinViz



That contango jump where the futures rolled and the double (triple?) top are the most visible features while in today's action the recovery from the spike down to $3.36 (at the time of the EIA release) is the only thing keeping be from screaming short from the rooftops.