Another tight US natural gas supply report
The just-released EIA US natural gas storage showed a 20 bcf addition to supply, falling short of the 25 bcf expected.
Here’s a look at how supply continues to fall below the 5-year average:
Natural gas prices are little changed on this report but last week’s surprisingly tight data set off a big rally.
These numbers are going to go directly to consumer electricity and heating bills in the months ahead.
Normally gas prices jump in the winter on cold weather. With inventories already tight, there’s a risk of a major spike when the cold comes.
Meanwhile, the situation in globally is far worse with inventories much lower and gas prices at all time highs in Europe.