EIA Natural Gas Storage Report 12-01-16
- Tony Zelinski
- Dec 1, 2016
- 1 min read
Leading up to todays report, Natural gas prices rose Wednesday to their highest price in nearly two years as cooler forecasts continue raising expectations for demand. Wednesday’s forecasts show below-average temperatures spreading across most of the country starting next week. MDA
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Natural-gas wholesale contracts for January delivery settled up 3.7 cents, or 1.1%, at $3.352 a million British thermal units on the New York Mercantile Exchange. It ended the month up nearly 11%, its eighth winning month of the last nine. A long winning streak has gas up 24% in less than two weeks.
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Weather Services in Maryland updated its forecast to show those cold temperatures, some extreme in the Northwest Rockies, pushing slightly above-normal temperatures that had been in Tuesday’s forecast almost completely out of the Eastern U.S.
See a recap of previous weeks EIA storage reports here.
EIA Natural Gas Storage Report 12-01-16
Working gas in storage was 3,995 Bcf as of Friday, November 25, 2016, according to EIA estimates. This represents a net decline of 50 Bcf from the previous week. Stocks were 24 Bcf higher than last year at this time and 235 Bcf above the five-year average of 3,760 Bcf. At 3,995 Bcf, total working gas is above the five-year historical range.
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Analysts projected utilities pulled around 56 bcf of gas from storage during the week ended November 25. As of 10:35 ET, natural gas futures were trading at $3.454 up 3%.
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Review a recap of previous weeks EIA Natural Gas inventory Reports.
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