Guernsey & Co. says gas storage withdrawals starting later than usual

By the OGJ Online Staff

HOUSTON, Nov. 19 -- Not only is the level of US gas in storage higher than usual, but also the withdrawal for the heating season is starting much later than usual.

Engineering, architectural, and consulting services group C.H. Guernsey & Co., Oklahoma City, estimated a potential net injection of 4-16 bcf for the third week in November.

"In each of the past 6 years, by the third week in November we had significant withdrawals from storage. However, our storage model estimates that the American Gas Association will again announce this week a net injection into storage,"' said Guernsey Vice-Pres. Donald Murry.

He said although the level of gas storage, which AGA estimated at 3.107 tcf at the beginning of the week, is 13% higher than the level for the same week a year ago, the delay in starting significant withdrawals improves the chances of plentiful supplies throughout the winter. For the same week a year ago there was a withdrawal of 94 bcf.

"If our estimates prove accurate, this will put storage levels over 20% higher than they were this time last year, and this will exert a continued downward pressure on natural gas prices," Murry said.

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