Natural gas inventories down more then expected; within historical range

Inventories of natural gas dropped 245 billion cubic feet for the week of January 15th. The average forecast of analysts surveyed by Platts was for a drop ranging from 223 billion to 227 billion cubic feet. The cold winter weather has once again drawn down on natural gas inventories to within range of historical levels and erased concerns for ending the winter heating season with record high levels of gas in storage.

Working gas in storage was 2,607 Bcf as of Friday, January 15, 2010, according to Energy Information Adminsitration (“EIA”) estimates. Stocks were 22 Bcf higher than last year at this time and 6 Bcf below the 5-year average of 2,613 Bcf.  At 2,607 Bcf, total working gas is within the 5-year historical range.