The all important storage report for natural gas was released today and it indicated that supplies grew less than expected. Analysts predicted an increase of 14 to 18 billion cubic feet but supplies only grew by 12. This number also came before the holiday weekend so traders would want to clear their positions. The storage report also showed that supplies were 16 bcf less than last year at this time. However, supplies are 160 bcf above the five year moving average.
To read the weekly storage report from the Energy Department, please click here:
http://ir.eia.doe.gov/ngs/ngs.html
To read a related Business Week article, please click here:
http://www.businessweek.com/ap/financialnews/D9EQBADO0.htm
Jim Sutliff