Thursday, August 29, 2013

"Natural-Gas Futures Reverse Course After Inventory Data"

Following up on "Natural Gas Storage Tealeaves for 8/29/13".
Front futures $3.5180, down from the $3.6550 high.
From the Wall Street Journal:

Natural-gas futures reverse course after EIA inventory data
--U.S. inventories rose 67 billion cubic feet last week
--Analysts had predicted 63-bcf rise
   By Dan Strumpf 
NEW YORK--Natural-gas futures turned sharply lower after the government reported a bigger-than-expected increase in U.S. inventories, suggesting demand for the fuel was weaker than forecast last week.

Natural gas for October delivery recently fell 4.7 cents, or 1.3%, to $3.535 a million British thermal units on the New York Mercantile Exchange.

The contract was earlier at a one-month high of $3.655, but turned sharply lower after the 10:30 a.m. EDT report from the Energy Information Administration...MORE 
The Energy Metro editors forecast was +66 Bcf.

From the EIA:
Weekly Natural Gas Storage Report


Working gas in storage was 3,130 Bcf as of Friday, August 23, 2013, according to EIA estimates. This represents a net increase of 67 Bcf from the previous week. Stocks were 235 Bcf less than last year at this time and 45 Bcf above the 5-year average of 3,085 Bcf. In the East Region, stocks were 107 Bcf below the 5-year average following net injections of 49 Bcf. Stocks in the Producing Region were 95 Bcf above the 5-year average of 978 Bcf after a net injection of 16 Bcf. Stocks in the West Region were 58 Bcf above the 5-year average after a net addition of 2 Bcf. At 3,130 Bcf, total working gas is within the 5-year historical range....MORE