In their usual weekly report, the U.S. Energy Information Administration reported today that last week natural gas in underground storage increased by 1.27 percent (by 39 billion cubic feet, from 3,063 Bcf on 6/22 to 3,102 Bcf on 6/29). The natural gas stock is now 24.1 percent above last year’s total (2,500 Bcf) and 22.7 percent above the five-year average (2,529 Bcf). The region most responsible for the rise is the East, which saw a 35 Bcf increase to 1,512 Bcf during the week, a total that is 341 Bcf higher than at the same date last year (a 29.1 percent change). This figure is also 21.5 percent (268 Bcf) above the five-year average for the East. Stocks in the West Region also increased in the past week, by 15 Bcf (3.29 percent) from 456 to 471 Bcf. This number is above the amount one year ago (346 Bcf) and the five-year historical amount (382 Bcf). The quantity of stock in the Producing Section was still above its total a year ago and the five year average despite a decrease in the past week, by 11 Bcf to 1,109 Bcf.
Natural gas futures for September of 2012 opened the day at $2.97 but spiked by 3.37 percent this morning to $3.07 after the EIA’s report came out at 10:30 AM. Prices have dropped sharply throughout the day to $2.78 (a 5.70 percent loss on the day).
