National

Weekly Natural Gas Storage Report – One For The Record Books

Following a round of freezing temperatures in most of the Eastern US, the U.S. Energy Information Administration (EIA) reported Thursday morning that U.S. natural gas stocks decreased by 359 billion cubic feet for the week ending January 5. This is the largest one-week storage withdrawal on record.

Analysts were expecting a storage withdrawal of around 318 billion cubic feet. The five-year average for the week is a withdrawal of 170 billion cubic feet, and last year’s storage withdrawal for the week totaled 136 billion cubic feet. Natural gas inventories fell by 206 billion cubic feet in the week ending December 29.

Total U.S. stockpiles fell week over week to 13% below last year’s level and are now also 12% below the five-year average.

The EIA reported that U.S. working stocks of natural gas totaled about 2.767 trillion cubic feet, around 382 billion cubic feet below the five-year average of 3.149 trillion cubic feet and 415 billion cubic feet below last year’s total for the same period. Working gas in storage totaled 3.182 trillion cubic feet for the same period a year ago.

Overall demand for the next week is forecast to be in the “high” range.

Compiled and Published by GIB KNIGHT

Gib Knight is a private oil and gas investor and consultant, providing clients advanced analytics and building innovative visual business intelligence solutions to visualize the results, across a broad spectrum of regulatory filings and production data in Oklahoma and Texas. He is the founder of OklahomaMinerals.com, an online resource designed for mineral owners in Oklahoma.

Comments

The crossroads of energy information for minerals owners in Oklahoma. Where you can: See recent prices of mineral and lease transactions. Receive an offer to lease or buy your minerals.

Find relevant news stories on the most active areas, including the Scoop and Stack Plays.

Data Powered by Oseberg

Today’s E&P world is rapidly shifting towards data-driven decision making, but those decisions are only as good as the data behind them. Access Oseberg's deep, accurate, and detailed pool of insight-rich industry data with our powerful analytical and search tools and get the clearest picture of what's happening as soon as it happens.

Disclaimer

This web site is maintained solely for the personal use of our visitors. Although we at Oklahoma Minerals have made all reasonable efforts to provide accurate information, we cannot guarantee the completeness, timeliness or accuracy of the information contained herein. Nothing in this web site contains investment advice. Any decisions based upon the information contained in this web site are the sole responsibility of the user.

Copyright © 2017 OklahomaMinerals.com

To Top
Show Buttons
Hide Buttons