The U.S. EIA reported a reduction of 243 Bcf for the week ending January 13. Despite recent warm temperatures, winter is far from over and we could see large storage withdrawals and as a result a price rally. Demand is already surging in the U.S. while shale production is slowing.
EIA Natural Gas Storage Data:
- Total (01/13/17): 2,917 Bcf
- Total (01/06/17): 3,160 Bcf
- Net change: -243 Bcf
- Implied flow: -243 Bcf
- Year ago stocks: 3,348 Bcf
- % change from year ago: -12.9 %
- 5-year avg stocks: 2,994 Bcf
- % change from 5-year avg: -2.6 %
