NatGas Tumbles Below $3.60 Despite Ongoing Hot Spell, Surplus Shrinks Slightly

September 05, 2013

We examine the latest developments in the natural gas market.

Natural gas was last trading down by almost 3 percent to $3.59/mmbtu after the Energy Information Administration reported that operators injected 58 billion cubic feet into storage last week, above the 53 to 57 bcf build most analysts were expecting.

The build was above last year’s build of 28 bcf, but below the five-year average build of 60 bcf.

In turn, inventories now stand at 3,188 bcf, which is 214 bcf below the year-ago level and 47 bcf above the five-year average (calculated using a slightly different methodology than the EIA).

 

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