Frank and CC, look like your thesis is right on. With hot weather, NG injection for the last 3 weeks or so are much smaller than last year. And the future for NG is already between 9.20 to 9.55 range for Dec to Mar 06. Next week injection number will be interesting, we had more or less a normal summer week. Let's see how the next injection number shape up. I would think it will be extremely bullish if we are in the high 50 BCF low 60 BCF range.
From CWEI board
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Working Gas in Underground Storage
Data Released August 4, 2005, for the Week Ending July 29, 2005
ICAP Derivatives Auction - EIA Gas Storage Change = +43 BCF
EIA's "net change" = +37 BCF
Last year's injection for week ending 07/30/04 = +83 BCF
Prior week's injection (per EIA) = +42 BCF
Details and plot at:
tonto.eia.doe.gov
Storage Highlights:
Working gas in storage was 2,420 Bcf as of Friday, July 29, 2005, according to EIA estimates. This represents a net increase of 37 Bcf from the previous week. Stocks were 52 Bcf higher than last year at this time and 170 Bcf above the 5-year average of 2,250 Bcf. In the East Region, stocks were 54 Bcf above the 5-year average following net injections of 38 Bcf. Stocks in the Producing Region were 64 Bcf above the 5-year average of 663 Bcf after a net withdrawal of 3 Bcf. Stocks in the West Region were 53 Bcf above the 5-year average after a net addition of 2 Bcf. At 2,420 Bcf, total working gas is within the 5-year historical range. |
