Working gas in storage was 2,852 Bcf as of Friday, January 8, 2010, according to Energy Information Administration (“EIA”) estimates. This represents a net decline of 266 Bcf from the previous week. Stocks were 103 Bcf higher than last year at this time and 121 Bcf above the 5-year average of 2,731 Bcf. At 2,852 Bcf, total working gas is within the 5-year historical range and may be an indication that natural gas supplies would be within historic levels at the end of the winter heating season, or perhaps lower.
Natural gas futures slumped 3% on Thursday, after the reported a drop of 266 billion cubic feet in storage of natural gas. The drop was slightly more than the 258 billion expected by analysts polled by Platts. But traders had bid up natural gas since Wednesday on expectations of a big drawdown in supplies. Natural gas for February delivery was recently down 18 cents, or 3.2%, at $5.55 per million British thermal units.
