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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: pz who wrote (46375)	6/13/1999 2:26:00 PM
From: Douglas V. Fant	Read Replies (1) \| Respond to of 95453

pz, Anyone catch the subtle revision in natural gas figures in last week's EIA numbers? They are bullish for natural gas. The EIA reclassified 47 bcf of natural gas in storage in North America from working gas to base gas. (Base gas is required to maintain reservoir pressures so that you can "pump up" the working gas and sell it). That drops total working gas supplies in North America by 3%. So the amount of working gas is 362bcf lower than February 1999, but 245 bcf above March 1998 levels.....Total working gas is currently 1430 bcf. The total gas in storage is still more than is normally in storage for the last 6 or 7 years by about 80 bcf. But when you consider that marketers thought that they would end up with 500 to 700 bcf of overstorage this year you can see that February's draw and the 3% reclassification make a big difference in gas supplies in storage... Note now too that total well completions at least in Texas are down by 50% from this time last year ( 3,95 in 1998 versus 1853 in 1999)....Assuming that well competions patterns are similar offshore and in other onshore areas then.....