Natural Gas Watch: The storage overhang continued to erode last week and levels are now only up 7% and 8% to year ago and five year average levels respectively. Given how bloated was at the end of March (927 Bcf over the 5 year average) and where it is now (269 Bcf) our flatter slope of the injection line theory for 2012 has held up well. In fact, season to date we've injected 2.8 Bcfgpd less than the five year average and seasonal peak now looks set for a sub 4 Tcf level, weather willing. EIA's call for greater heating oil and natural gas demand this winter season reflects a more normal looking winter from NOAA. The non-commercial net short position remained essentially flat week to week but short covering during this rally has been a big factor in the last few weeks of rally rally mode. See Friday's post for all the tables and charts including the peak season spaghetti chart. The rest of the wrap comments along with pricing thoughts for natural gas will be incorporated into the Monday post.
Housekeeping Watch: Know someone that should be a ZEB subscriber? We're always looking for a few good subscribers and we'll pay for the quarterly and annual ones ($50 for a new quarterly and $150 for a new annual). Higher bounties could apply for new subs with energy industry experience. The gift season is approaching as well so why not give a little ZEB and get something back as well. Email us at email@example.com with the name of the new sub before they sign up and we'll pop a check in the mail to you. Thanks and have a great weekend.
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