Yesterday's numbers were no big surprise and stories regarding limited storage capacity and pipeline pressure possibly forcing production curtailment finally hit the news. http://blogs.wsj.com/environmentalcapital/2009/07/30/chesapeake-were-running-out-of-space-to-put-unwanted-natural-gas/.This is a topic we first started to talk about June 25; the pipeline pressure curtailing INJECTIONS into the system from the Producing Region in particular having the paradoxical effect of inhibiting the bcf builds. Not exactly bullish.
Summary
Working gas in storage was 3,023 Bcf as of Friday, July 24, 2009, according to EIA estimates. This represents a net increase of 71 Bcf from the previous week. Stocks were 571 Bcf higher than last year at this time and 478 Bcf above the 5-year average of 2,545 Bcf. In the East Region, stocks were 132 Bcf above the 5-year average following net injections of 56 Bcf. Stocks in the Producing Region were 265 Bcf above the 5-year average of 794 Bcf after a net injection of 16 Bcf. Stocks in the West Region were 80 Bcf above the 5-year average after a net drawdown of 1 Bcf. At 3,023 Bcf, total working gas is above the 5-year historical range.
and don't miss this; http://www.eia.doe.gov/pub/oil_gas/natur...
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