Underground

Price Plunge on 3 Bcf Storage Injection Proves Short-Lived

Natural gas futures values retreated Thursday morning to a low of $3.853 following the news from the Energy Information Administration (EIA) that 3 Bcf was injected into underground storage for the week ending Nov. 12. However, the December contract rallied in afternoon trade to close at $4.007, down 2.3 cents from Wednesday’s regular session close.

November 19, 2010

Futures Sink to New Lows on 93 Bcf Storage Build

Front-month natural gas futures plunged to a new low for the downtrend Thursday following news that a whopping 93 Bcf was injected into underground storage for the week ending Oct. 15. The late-season build nearly doubled the five-year average injection for the week and more than quadrupled the addition recorded for the similar week last year.

October 22, 2010

Sawgrass Storage Near Perryville Hub Holds Open Season

Sawgrass Storage LLC is holding a nonbinding open season for high-deliverability underground gas storage and a hub development project just west of Perryville in Lincoln and Union Parishes in Northeast Louisiana.

October 18, 2010

Rally Following ‘Bearish’ 91 Bcf Storage Build Fades

After working lower early Thursday morning to trade sub-$3.600, news from the Energy Information Administration (EIA) that 91 Bcf was injected into underground storage for the week ending Oct. 8 inexplicably rallied November natural gas futures prices. However, the momentum petered out, leaving futures to close at a small loss.

October 15, 2010

California Storage Project Enters Service

Gill Ranch Storage LLC (GRS), a subsidiary of NW Natural, has begun service from a new underground storage facility at Gill Ranch near Fresno, CA.

October 5, 2010

EIA’s 73 Bcf Build Leaves Bulls and Bears Dueling Just Above $4

Natural gas futures declined about 8 cents following word from the Energy Information Administration (EIA) that 73 Bcf was injected into underground storage for the week ending Sept. 17. While the build paled in comparison to the previous week’s 103 Bcf addition, it did top both last year’s date-adjusted 67 Bcf build for the week and the five-year average build of 70 Bcf.

September 24, 2010

EIA: Peak Storage Capacity Up 4.1% Since April 2009

Peak working capacity of underground gas storage for the Lower 48 was an estimated 4,049 Bcf in April, up 4.1% compared with 3,889 Bcf in April 2009, the Energy Information Administration (EIA) said Friday. Working design capacity was 4,364 Bcf, a 1.2% increase from last year, EIA said.

September 7, 2010

EIA: Peak Storage Capacity Up 4.1% Since April 2009

Peak working capacity of underground gas storage for the Lower 48 was an estimated 4,049 Bcf in April, up 4.1% compared with 3,889 Bcf in April 2009, the Energy Information Administration (EIA) said Friday. Working design capacity was 4,364 Bcf, a 1.2% increase from last year, EIA said.

September 6, 2010

Futures Probe Lower Following ‘Expected’ 54 Bcf Storage Build

The Energy Information Administration (EIA) reported Thursday morning that 54 Bcf was injected into underground storage for the week ending Aug. 27, which was on target with industry estimates, bullish compared to historical comparisons, but bearish when held up to the injections of the last few weeks.

September 3, 2010

Futures Test Support Following 37 Bcf Storage Build

September natural gas futures knee-jerked lower in Thursday morning trading following the news that an on-target 37 Bcf was injected into underground storage for the week ending Aug. 6. The prompt-month contract recorded a low of $4.264 before closing out the day at $4.296, down 3 cents from Wednesday’s close.

August 13, 2010