The weekly EIA Natural Gas Storage Report advised that there was an injection of 15Bcf (billion cubic feet) into Underground Storage for the week ending November 2nd, 2017. This is 1Bcf above the median forecast of a 14Bcf injection, the average prediction of sector analysts and traders in the Dow Jones Newswires weekly survey. The injection one year ago was 54Bcf and the 5-year average injection is 45Bcf. Storage is 219Bcf below last year for the same week and 71Bcf below the 5-year average.
Natural Gas in Underground Storage
Natural Gas PricingAs of 2:10PM CST, December 2017 (the prompt month) Natural Gas was trading at $3.21, +$0.25 from one week ago and the 1-Year Spread average was $3.09, +$0.15 from one week ago.
Crude Oil PricingAs of 12:05PM CST, December, 2017 (the new prompt month) Light, Sweet Crude on the NYMEX was at $57.09, +$2.69 from one week ago.
Crude Oil InventoryUS crude inventories increased by 2.2 million barrels to 457.1 million barrels for the week ended November 2nd, according to data released yesterday morning by the US Department of Energy. Traders in the Reuters poll projected a draw of 2.2 million barrels.
U.S. Rotary RigsU.S. Rotary Rigs drilling for natural gas were -3 at 169 for the week of November 3d. The number of rigs currently drilling for Natural Gas is 52 higher than last year’s level of 117. US Rigs drilling for oil were - 8 at 729 There are 279 more rigs targeting oil than last year. Canadian rigs were +1 at 192 for the week. Rigs targeting oil remain at 81% of all drilling activity.
GeopoliticalScientists can't explain a 'worrying' rise in methane levels; New figures show atmospheric pollution levels are surging. The amount of CO2 in the atmosphere reached a record high in 2016, according to the World Meteorological Organization (WMO). Thanks to a combination of human activities and the El Nino weather event, last year's increase was 50% higher than the yearly
average from the past decade, driving CO2 to a level that's not been seen for 800,000 years. Average levels in 2016 reached 403.3 parts per million, up from 400 parts per million in 2015
WeatherThe AccuWeather 1-5 day Outlook forecasts above-normal temperatures the Eastern 1/3 of the US while the Northeast and Central US are projected to be belownormal. The 6-10 Day Outlook forecasts the East and Northwest at normal temps with the center of the country at above-normal temps, Northeast at below-normal tempsand the Southwest at above-normal temperatures. The 30-day Outlook shows the East Coast and part of the Southwest at above-normal temps with the balance of the country at normal temps. The 90-Day Outlook projects normal temps.
Sustainablility and RenewablesHumanity has sought to make the Earth's oceans potable for thousands of years. The Norse tale of Utgarda-Loki tells of Odin being tricked into drinking from a horn
connected to the sea, while Exodus 15:22–26 of the Bible likely describes Moses desalinating the water of Marah: When they came to Marah, they could not drink the water of Marah because it was bitter; therefore it was named Marah. And the people grumbled against Moses, saying, "What shall we drink?" And he cried to the Lord, and the Lord showed him a log, and he threw it into the water, and the water became sweet.