Thursday, August 22, 2013

Natural Gas: EIA Weekly Natural Gas Storage Report--Injections Far Under Estimates

Front futures $3.55 up 9 cents. Top tick was $3.559.

Following up on "Natural Gas: Storage Tealeaves for 8/22/13" this report raises the question of whether there has been a drop-off in production which would be structural and extremely bullish or if the injection shortfall was caused by a spike in consumption which would set us up for another short. From August 15's "Natural Gas: Looking for Another Leg Lower After the Heatwave":
...but the futures could trade up to $3.60 (from last week's 3.129 spike bottom) and still be in a downtrend:

 More to come.

And from the Energy Information Administration:

for week ending August 16, 2013.   |   Released: August 22, 2013 at 10:30 a.m.   |   Next Release: August 29, 2013

Working gas in underground storage, lower 48 states Summary text CSV JSN


Historical Comparisons
Stocks
billion cubic feet (Bcf)

Year ago
(08/16/12)
5-Year average
(2008-2012)
Region 08/16/13 08/09/13 change
(Bcf) % change (Bcf) % change
East 1,506   1,459   47  
1,705   -11.7   1,609   -6.4  
West 500   494   6  
489   2.2   441   13.4  
Producing 1,057   1,053   4  
1,107   -4.5   969   9.1  
   Salt 258   261   -3  
218   18.3   154   67.5  
   Nonsalt 799   792   7  
889   -10.1   815   -2.0  
Total 3,063   3,006   57  
3,301   -7.2   3,019   1.5  

Summary

Working gas in storage was 3,063 Bcf as of Friday, August 16, 2013, according to EIA estimates. This represents a net increase of 57 Bcf from the previous week. Stocks were 238 Bcf less than last year at this time and 44 Bcf above the 5-year average of 3,019 Bcf. In the East Region, stocks were 103 Bcf below the 5-year average following net injections of 47 Bcf. Stocks in the Producing Region were 88 Bcf above the 5-year average of 969 Bcf after a net injection of 4 Bcf. Stocks in the West Region were 59 Bcf above the 5-year average after a net addition of 6 Bcf. At 3,063 Bcf, total working gas is within the 5-year historical range....MORE
Here's the reaction to the far lower (-15 Bcf) injection: