The weekly EIA Natural Gas Storage Report advised that there was an injection of 87Bcf (billion cubic feet) into Underground Storage for the week ending October 6th, 2017. This is 6Bcf below the median forecast of a 93Bcf injection, the average prediction of sector analysts and traders in the Dow Jones Newswires weekly survey. The injection one year ago was 79Bcf and the 5-year average injection is 87Bcf. Storage is 153Bcf below last year for the same week and 0.2Bcf below the 5-year average
Natural Gas in Underground Storage
As of 9:42AM CST, November 2017, (the prompt month) Natural Gas was trading at $2.95, +$0.01 from one week ago and the 1-Year Spread average was $3.03, -$0.01 from one week ago.
Natural Gas Pricing
As of 10:47AM CST, November, 2017, (the prompt month) Light, Sweet Crude on the NYMEX was at $50.34, -$0.42 from one week ago.
Crude Oil Pricing
Crude Oil InventoryUS crude inventories decreased by 2.8 million barrels to 462.2 million barrels for the week ended October
6th, according to data released yesterday morning by the US Department of Energy. Traders in the Reuters poll projected a draw of 2.4 million barrels.
U.S. Rotary RigsU.S. Rotary Rigs drilling for natural gas were -2 at 187 for the week of October 6th. The number of rigs currently drilling for Natural Gas is 93 higher than last year’s level of 94. US Rigs drilling for oil were -2 at 748 There are 320 more rigs targeting oil than last year. Canadian rigs were -4 for the week. Rigs targeting oil dropped 1% to 80% of all drilling activity.
GeopoliticalThe latest issue of the US Energy Information‘s (EIA) “Monthly Energy Review ” (with data through June 30, 2017) reveals that domestic production and use of renewable energy sources) continued to show strong growth during the first half of 2017 as the consumption of both nuclear power and fossil fuels declined. Renewables accounted for 13.5% of domestic energy production during the 1st half of 2017.
WeatherThe AccuWeather 1-5 day Outlook forecasts above-normal temperatures for the Eastern 2/3 of the US while the Northwest is projected to be below normal. The 6-10 Day Outlook shows a similar forecast and in the 11-15 Day Forecast, normal temps are projected for the Northeast quarter of the country with normal temps forecast for the balance of the US.
Sustainability and RenewablesENGIE North America and Holyoke announced plans this week for a 3- megawatt utility-scale energy storage installation in Massachusetts that they say will be the largest in the state once completed. The new installation project calls for a series of batteries at the Mt. Tom solar array, which became operational earlier this year.