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08/05/2002
Market MovementGas injections continue at strong paceInjections of natural gas into US underground storage show no signs of slowing, despite sweltering summer heat, and could reach capacity before the heating season starts, putting more downward pressure on gas prices, said industry analysts."National supplies are now at 2,486 bcf vs. 2,152 bcf at this time last year and the prior 5-year average of 2,122 bcf," said Ronald Barone at UBS Warburg LLC in a July 26 report. "We calculate that the industry will have to inject only 21 bcf/week to get storage to the 2,800 bcf mark by Nov. 1, 41 bcf/week to get to 3,100 bcf, and 55 bcf/week to get to 3,300 bcf."He also reported, "After edging highe...
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