The U.S. Energy Information Administration reported yesterday (a day early because of US thanksgiving) a 2 Bcf reduction in storage inventories for the week to November 18th; the first net withdrawal of the season. Nymex NG reacted with a 2% price increase. Typically storage withdrawals begin slowly around November 1st and escalate as cold winter temperatures arrive. With mild temperatures so far this November, storage operators were able to continue injections much later in the season and as a result set all-time records for gas in storage.
EIA Natural Gas Storage Data:
- Total (11/18/16): 4,045 Bcf
- Total (11/11/16): 4,047 Bcf
- Net change: -2 Bcf
- Implied flow: -2 Bcf
- Year ago stocks: 4,006 Bcf
- % change from year ago: 1.0 %
- 5-year avg stocks: 3,804 Bcf
- % change from 5-year avg: 6.3 %
