Look at those last two months, that is what's known as a "Take all your money and run away laughing" chart formation.
We'll get back to our usual posting frequency next week. For now, there's a lot of gas around.
Jan. futures $3.707 up 5.8 cents.
From the Energy Information Administration:
Natural Gas Weekly Update
for week ending December 3, 2014 | Release Date: December 4, 2014 | Next Release: December 11, 2014
In the News:
November cold snap led to larger- than- average withdrawals from natural gas storage
During the first four weeks of November, working natural gas storage inventories fell 161 billion cubic feet (Bcf), representing the second largest net withdrawal for that period in more than 10 years, according to EIA's Weekly Natural Gas Storage Report (WNGSR.) This decline was driven by a larger-than-normal natural gas storage withdrawal for the week ending November 21, when inventories decreased by 162 Bcf.
After inventories increased during the first week in November, which is fairly common, the first net storage withdrawal of the 2014-15 heating season occurred during the week ending November 14, when inventories fell 17 Bcf. Although unseasonably cold weather occurred in some regions of the country during the second week in November, it was not until the week ending November 21 that the entire nation had temperatures well below the seasonal averages.
This cold weather resulted in residential and commercial consumption that was 110 Bcf above the previous week, according to data from Bentek Energy. The cold weather also contributed to a 23 Bcf week-over-week increase in the use of natural gas for power generation (power burn). The highest power burn increases occurred in the Southeast, where the primary source of heating is electricity. In that region, power burn increased by 24%, or 10 Bcf, week-to-week. Total U.S. consumption of natural gas increased by 144 Bcf from the previous week, and it reached a record-high daily level for November on Tuesday, November 18 at 104 Bcf.
The 162 Bcf withdrawal for the week ending November 21 tied for the largest weekly November storage withdrawal on record. It was 156 Bcf larger than the five-year average for the same week, and 145 Bcf larger than the withdrawal reported for that week last year....MUCH MORE
...Dry gas production sets single-day record during the report week. According to data from Bentek Energy, dry gas production exceeded 71.8 billion cubic feet per day (Bcf/d) on Tuesday, December 2. Production was more than 71 Bcf/d for all days in the report week, and for the entire report week, production was 2% higher compared to the previous week. Imports of natural gas from Canada decreased slightly, driven by lower imports into the West and Midwest regions, while LNG sendout remained minimal....
