Thursday, June 3, 2010

Gas in Storage: +88 Bcf to 2.357 Tcf

The weekly EIA working gas in storage report showed an 88 Bcf weekly increase last week, bringing the total to 2.357 Tcf.  That figure is as high as it's ever been this time of year, but the weekly increase was lower than last year's (+121 Bcf - not saying much since last year was out of sight) and the five year average (+100 Bcf).

The market seems to have liked the news, as the front month futures price jumped just over 6% today.


Bill Mendenhall said...

Robert, I believe it's significant that this week's increase is noticably lower than the 5 year average. It shows that supply and demand are at least starting to move in the right direction.

Robert Hutchinson said...

And it's the second week in a row. Hopefully the beginning of a trend. It still has a ways to go to catch up but it's moving in the right direction.