Mild Weather Pushes NatGas Into Downtrend, Deficit Will Disappear In July

June 27, 2013

We examine the latest developments in the natural gas market.

 

Natural gas plunged to the lowest levels since March, below $3.60/mmbtu, after the Energy Information Administration reported that operators injected 95 billion cubic feet into storage, above most analyst estimates that ranged from 88 to 92 bcf.

The injection was above last year’s build of 57 bcf, and above the five-year average build of 80 bcf.

In turn, inventories now stand at 2,533 bcf, which is 530 bcf below the year-ago level and 28 bcf below the five-year average (calculated using a slightly different methodology than the EIA).

 

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