NatGas Spikes 6% On Inventory Report, Production Surge Needed Before Summer

February 13, 2014

Natural gas inventories plunged by 237 bcf last week.

 

Natural gas was last trading up by more than 6 percent to $5.14/mmbtu after the Energy Information Administration reported that operators withdrew 237 billion cubic feet from storage last week, at the upper end of most analyst estimates.

The latest withdrawal was above last year’s draw of 157 bcf, and the five-year average draw of 169 bcf.

In turn, inventories now stand at 1,686 bcf, which is 841 bcf below the year-ago level and 647 bcf below the five-year average (calculated using a slightly different methodology than the EIA).

 

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