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Analyze This

A Discussion of Technical Analysis, Elliott Wave Theory, and Fibonacci Ratio's focusing on Energy Mkt.s Crude, Products, and Natural Gas. Occasional Fundamental Analysis, Energy News and Rumor.

Friday, July 31, 2009

NG Storage

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...




Posted by Guy W Bishop at 11:08 AM
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      • WTI GRIND
      • NG Storage
      • RBOB / WTI RALLY
      • "Merrill cuts U.S. dollar view " USD BUY SIGNAL
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      • NATURAL GAS : Inventory Expectations and the Techn...
      • EURO UPDATE
      • It's the consumer stupid.
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Guy W Bishop
I have been applying Elliott Wave Theory to energy markets as a broker and as a trader for commercial entities since 1983. This blog is merely my personal musings on various wave structure's and NOT any kind of trading recommendation or suggestion.
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