The US Energy Information Administration reported a 49 Bcf draw from storage for the final week of 2016 on Thursday, much lower than the five year average of 107 Bcf. Estimates had been from 61 to 131 Bcf. The near month Nymex price had reached almost $4.00/MMBtu on cold weather forecasts in the final week of December. The first day of trading in 2017 saw Nymex natgas prices plunge by the most in almost three years after forecasts suddenly turned milder.
EIA Natural Gas Storage Data:
- Total (12/30/16): 3,311 Bcf
- Total (12/23/16): 3,360 Bcf
- Net change: -49 Bcf
- Implied flow: -49 Bcf
- Year ago stocks: 3,675 Bcf
- % change from year ago: -9.9 %
- 5-year avg stocks: 3,332 Bcf
- % change from 5-year avg: -0.6 %
