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Will US Natural Gas Futures Test 2016 High?

PART:
1 2 3 4 5 6 7 8
Part 4
Will US Natural Gas Futures Test 2016 High? PART 4 OF 8

Regional Breakdown: How US Natural Gas Inventories Trended

US natural gas inventories by region 

The EIA (U.S. Energy Information Administration) divides the US into the following five natural gas storage regions:

  • East
  • Midwest
  • Mountain
  • Pacific
  • South Central

Regional Breakdown: How US Natural Gas Inventories Trended

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The movements in natural gas inventories for the storage regions between April 21 and April 28, 2017, are as follows:

  • East: rise of 22 Bcf (billion cubic feet) to 325 Bcf
  • Midwest: rise of 15 Bcf to 519 Bcf
  • Mountain: rise of four Bcf to 153 Bcf
  • Pacific: rise of five Bcf to 233 Bcf
  • South Central: rise of 21 Bcf to 1,026 Bcf

Natural gas inventories and prices  

US natural gas inventories were at 2,256 Bcf for the week ending April 28, 2017, 15.5% higher than their five-year average, as we saw in part three of this series. The EIA estimates that US natural gas inventories will be 3,861 Bcf by the end of October 2017, 0.70% lower than the five-year average.

The fall in US natural gas inventories in the coming months is bullish for US natural gas (GASL) (BOIL) (UNG) (UGAZ) prices in 2017. Higher natural gas prices can have a positive impact on oil and gas producers’ profitabilities such as EXCO Resources (XCO), Gulfport Energy (GPOR), Antero Resources (AR), and Cabot Oil & Gas (COG). For more on inventories, read the previous part of this series.

The US natural gas rig count also plays a vital role in driving natural gas prices. We’ll take a look at the US natural gas rig count in the next part of this series.

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