Natural gas: Storage Comes in a Bit High, Weather Looks Bearish

We have been distracted by the decline in crude but now as we get within six bucks of the target ($90 WTI) we'll be spending more time with natural gas.
Today's action via FinViz, $3.5910 last:

From the EIA:
Weekly Natural Gas Storage Report
for week ending October 25, 2013.   |   Released: October 31, 2013 at 10:30 a.m.   |   Next Release: November 7, 2013

Working gas in underground storage, lower 48 states Summary text CSV JSN
								Historical Comparisons
	Stocks billion cubic feet (Bcf)							Year ago (10/25/12)				5-Year average (2008-2012)
Region	10/25/13		10/18/13		change			(Bcf)		% change		(Bcf)		% change
East	1,964		1,947		17			2,086		-5.8		2,055		-4.4
West	552		549		3			539		2.4		504		9.5
Producing	1,263		1,245		18			1,274		-0.9		1,161		8.8
Salt	318		311		7			298		6.7		206		54.4
Nonsalt	945		933		12			977		-3.3		955		-1.0
Total	3,779		3,741		38			3,899		-3.1		3,721		1.6

And from the CME:

...Weather Tealeaves

Forecast Courtesy of Meteorologist Steve Gregory

  

Thought of the Day: Warmer but Stormy Weather Ahead

A highly progressive flow is now in place across much of North America, with a stormy pattern expected across much of the nation during the next 2 or more weeks. Major storms systems are seen across the nation at approximating 6-7 day intervals. Temperatures will average above-normal across the Eastern half of the nation, with strong warm-ups every few days ahead of each approaching storm, followed by a 'cool down' to near normal temperatures following each storm and associated cold frontal passages. Net gas-weighted heating demand will average 20% below normal during the next 7 days. For more information on this and other Weather Products & Services, contact: Steve Gregory at Steve.Gregory@WeatherIntelServices.com 

Notes of Note:

**Last week's weather was a whopping 90% cooler than same week/last year and 34% cooler than the 5-year average: 

**Supplies from the Northeast/Midwest regions improved a combined 0.2 Bcf/d W-o-W due to increased flows on TGP, Transco and TCO pipelines in the Pennsylvania portion of the Marcellus Shale. 

**In the Southeastern US, higher production levels were supported by a 

0.4 Bcf/d increase in onshore Gulf Coast flows. 

**Pipeline imports from Canada improved 0.7 Bcf/d W-o-W as imports into the Midwest, Northeast and Western US increased 0.4, 0.1 and 0.1 Bcf/d, respectively. 

**Total demand increased 6.6 Bcf/d W-o-W and was 6.0 Bcf/d higher than 2012 levels;

**Industrial demand:19.4 Bcf/d, +0.7 Bcf/d W-o-W, +0.8 Y-o-Y;

**Res/comm: 23.6 Bcf/d, +6.2 Bcf/d W-o-W, +6.2 Bcf/d Y-o-Y; 

**Power demand: 19.9 Bcf/d, -0.5 Bcf/d W-o-W, -1.1 Bcf/d Y-o-Y; 

**Nuclear generation: 80.6 GW, -1.7 GW W-o-W, +8.7 GW Y-o-Y; 

**BPA hydro output:153.9 GWh, +1.6 GWh W-o-W,+13.1 GWh Y-o-Y;

**CAISO hydro output: 35.2 GWh,+0.8 GWh W-o-W,+0.3 GWh Y-o-Y;

**ERCOT wind output:72.6 GWh, +4.9 GWh W-o-W,-44.0 GWh Y-o-Y;

**BPA wind output: 0.9 GWh, -4.6 GWh W-o-W, -20.5 GWh Y-o-Y;

**Total supply increased 0.9 Bcf/d W-o-W; It was 1.3 Bcf/d higher than 2012; 

**Dry gas production: 65.7 Bcf/d, +0.2 Bcf/d W-o-W, +1.2 Bcf/d Y-o-Y; 

**Net Imports: 3.9 Bcf/d, +0.6 Bcf/d W-o-W, +0.5 Bcf/d Y-o-Y.