From the Energy Information Administration:
Natural Gas Weekly Update
In the News:
Record pace of natural gas storage injections since May helps offset inventory deficit
Natural gas storage in the contiguous United States through last Friday has increased at a record pace for the past five weeks. Net working gas injections have totaled more than 100 Bcf during each of these five weeks, extending from the week ending on May 9, to the week ending on June 6. This was only the second recorded instance of more than 100 Bcf of net injections for five weeks in a row. After a relatively slow inventory build in April, storage during these five weeks has increased by a record 551 Bcf.
The production levels necessary to achieve these net injections are supported by higher natural gas prices, with the Henry Hub spot price surpassing $4.50 per million British thermal units (MMBtu) at the beginning of June for the first time since 2008. These prices have helped drive production to record levels this summer, and, together with relatively mild heat thus far, have curtailed growth in natural gas consumed for electric power generation (power burn).
However, while high natural gas production growth and flat natural gas consumption from the power sector have allowed for high storage injections over the past five weeks, total Lower 48 working natural gas inventories remain at their lowest levels for this time of year since 2003. This year's higher natural gas prices are largely the result of record consumption and record storage withdrawals last winter, resulting in end-March inventories that fell below 1 trillion cubic (Tcf) for the first time in over a decade. Increased natural gas production this past winter only partially offset record levels of consumption, particularly during the bitterly cold weather that depleted inventories. This cold weather was notable not only for its intensity, but also its persistence and scope. Natural gas prices spiked throughout the United States, including in regions where they are traditionally stable....MUCH MORE
| U.S. Natural Gas Supply - Gas Week: (6/4/14 - 6/11/14) | ||
|---|---|---|
Percent change for week compared with:
|
||
last year
|
last week
|
|
| Gross Production |
4.25%
|
-0.44%
|
| Dry Production |
4.21%
|
-0.44%
|
| Canadian Imports |
-9.84%
|
-9.47%
|
| West (Net) |
-9.97%
|
0.37%
|
| MidWest (Net) |
-16.73%
|
-18.71%
|
| Northeast (Net) |
-124.49%
|
52.91%
|
| LNG Imports |
-83.52%
|
-68.29%
|
| Total Supply |
2.96%
|
-1.14%
|
The market does not see the "record" injections as being enough, note the pop on yesterday's 3 bcf shortfall to expectations:
