Monday, December 16, 2013
Gas storage inventories rose by 20 Bcf to 3.834 Tcf for the the week ending November 8 as injections in the East and producing regions offset a withdrawal in the West.
The net injection was within consensus expectations between 20 Bcf and 24 Bcf. A year earlier, EIA reported a 12-Bcf withdrawal, while the five-year average is a 19-Bcf injection. As a result, the 112-Bcf deficit to the year-ago level dropped to 80 Bcf, while the 57-Bcf surplus to the five-year average of 3.776 Tcf rose to 58 Bcf.
Analyst Tim Evans at Citi Futures Perspective called the report "neutral overall, with only a slightly supportive implication for the reports to follow."
EIA reported a 2-Bcf drawdown in the western states, while the East saw a 10-Bcf injection and the producing states saw a 12-Bcf build.
"We were anticipating a withdrawal in the West as temps were below normal, but the larger reason is the region just doesn’t have that much capacity left, so many of the fields have switched to withdrawals, which was reflected in our sample," said Jeff Moore, analyst at Platts unit Bentek Energy.
For the full article, please visit www.platts.com.