NatGas Tries To Form Bottom; Inventories Poised To Hit 11-Year Low Next Week

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March 06, 2014
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Natural gas inventories fell a more-than-expected 152 bcf last week.

 

Natural gas was last trading up by more than 2.5 percent to $4.64/mmbtu after the Energy Information Administration reported that operators withdrew 152 billion cubic feet from storage last week, more than the 135-140 bcf that most analysts were expecting.

The latest withdrawal was above last year’s draw of 146 bcf, and the five-year average draw of 106 bcf.

 

 

In turn, inventories now stand at 1,196 bcf, which is 887 bcf below the year-ago level and 762 bcf below the five-year average (calculated using a slightly different methodology than the EIA).

 

 

 

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