US gas storage records first drawdown of heating season

摘要

New York-US natural gas storage supplies fell by 66 Bcf during the week ended November 21, lowering inventories to 3.422 Tcf, the Energy Information Administration said November 26. The drawdown came in well above consensus expectations, which ranged between 43 Bcf and 48 Bcf. As a result, the New York Mercantile Exchange January gas futures contract climbed higher after the report's release, and settled up 49.2 cents to $6.878/MMBtu. In the same week of 2007, EIA reported 3.531 Tcf in storage. As a result, the deficit from a year ago more than doubled to 109 Bcf from 51 Bcf a week earlier, while the surplus over the five-year average shrank to 88 Bcf from 140 Bcf.