Natural Gas in Underground StorageThe weekly EIA Natural Gas Storage Report advised that there was a withdrawal of 69Bcf (billion cubic feet) from Underground Storage for the week ending December 8th, 2017.
This is 5Bcf above the median forecast of a 64Bcf withdrawal, the average prediction of sector analysts and traders in the Dow Jones Newswires weekly survey. The withdrawal one year ago was 132Bcf and the 5-year average withdrawal is 78Bcf. Storage is 201Bcf below last year for the same week and 27Bcf below the 5-year average.
Natural Gas PricingAs of 9:16AM CST, January 2018, (the prompt month) Natural Gas was trading at $2.69, -$0.11 from one week ago and the 1-Year Spread average was $2.71, -$0.11 from one week ago.
Crude Oil PricingAs of 9:14AM CST, January, 2018, (the prompt month) Light, Sweet Crude on the NYMEX was at $56.56, +$0.21 from one week ago.
Crude Oil InventoryUS crude inventories fell by 5.1 million barrels to 443.0 million barrels for the week ended Dec 8, according to data released yesterday morning by the US Department of Energy. Traders in the Reuters poll projected a draw of 3.8M barrels.
U.S. Rotary RigsU.S. Rotary Rigs drilling for natural gas were unchanged at 180 for the week of December 8th. The number of rigs currently drilling for Natural Gas were 55 higher than last year’s level of 125. US Rigs drilling for oil were +2 at 751 There are 253 more rigs targeting oil than last year. Canadian rigs were -3 at 219 for the week. Rigs targeting oil remain at 81% of all drilling activity.
GeopoliticalU.S. Secretary of Energy Rick Perry has discussed possible U.S. exports of liquefied natural gas (LNG)
with Saudi Arabia in his meetings with top Saudi officials earlier this week, Secretary Perry said at an
energy conference in Abu Dhabi, the UAE, on Wednesday.
Secretary Perry was taking part in the Carbon Sequestration Leadership Forum in Abu Dhabi. Before visiting the UAE, Secretary Perry was in Saudi Arabia, where he discussed energy topics with Saudi
Arabia’s Energy Minister Khalid al-Falih. Secretary Perry and al-Falih signed on Monday.