Natural Gas Storage Level At Less Than Half The Five-Year Average

Natural gas in storage fell another 57 Bcf (billion cubic feet) last week (ending March 21), hitting 896 Bcf compared to a five-year average of 1824 Bcf at this time of year, and this week the level is expected to drop below 820 Bcf, which should be supportive of natural gas prices for most of the year. US unlikely to hit average natural gas levels by November “Generally speaking, we remain bullish on gassy stocks under coverage, especially as we head into injection season,” write Sterne Agee analysts Tim Rezvan and Truman Hobbes in a March 27 report. They note…