Natural Gas: EIA Weekly Supply/Demand Report

For the first time in quite a few weeks we did not post anything on the Thursday storage report as reality intruded on the blogging. We apologize.

Although we continure to prefer the equities to the futures, the latter are getting cheap enough to be worthy of attention again.
The equities, proxied by the First Trust ISE-Revere Natural Gas Index (FCG), are down about 3 1/2% since hitting the 3-year high on June 23rd.

$4.385 down 5.6 cents last, here's the action since yesterday's storage report, via FinViz:

From the Energy Information Administration:
Natural Gas Weekly Update 

In the News:
Natural gas production grows in three major tight oil production areas Despite a decline of 11% in the gas-directed rig count over the past year, natural gas production has grown 5%, due in part to growing gas production in tight oil production areas. Over the past year, the number of gas-directed rigs fell by 38, while the number of oil-directed rigs rose by 140, according to data released by Baker Hughes last Friday....MORE

Supply and demand both increase this week. Dry natural gas production increased by 0.3 Bcf/d, or 0.5%, from the previous week, to 68.3 Bcf/d. Dry production hit a record high on Saturday of 68.5 Bcf, according to data from Bentek Energy. Imports from Canada increased 3.2% from last week, with a large decrease in the Northeast only partially offsetting increases in the West and Midwest. U.S. consumption rose 1.8%, driven by increases in the industrial and power sector.

more price data

Storage Storage increases by triple digits for seventh straight week. The net injection reported for the week ending June 20 was 110 Bcf, 29 Bcf larger than the 5-year average net injection of 81 Bcf and 16 Bcf larger than last year's net injection of 94 Bcf. Working gas inventories totaled 1,829 Bcf, 690 Bcf (27.4%) less than last year at this time, and 822 Bcf (31.0%) below the 5-year (2009-13) average.
Storage build is larger than market expectations. Market expectations called for a build of 104 Bcf. When the EIA storage report was released at 10:30 a.m., the price for the July natural gas futures contract fell 7 cents to $4.48/MMBtu on the Nymex....MUCH MORE

U.S. Natural Gas Supply - Gas Week: (6/18/14 - 6/25/14)
	Percent change for week compared with:
	last year	last week
Gross Production	5.79%	0.51%
Dry Production	5.73%	0.51%
Canadian Imports	-8.57%	3.23%
West (Net)	-18.94%	2.83%
MidWest (Net)	2.13%	8.91%
Northeast (Net)	-2.71%	-34.63%
LNG Imports	-69.25%	6.29%
Total Supply	4.31%	0.69%

Deviation between average and normal (°F)

7-Day Mean ending Jun 19, 2014