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US gas storage near record high
04/16/2007
The US winter heating season ended Mar. 31 with 1.569 tcf of natural gas still in underground storage, “the second highest level ever,” said Robert S. Morris, Banc of America Securities LLC, New York.That’s down 127 bcf from the same period a year ago but 337 bcf above the 5-year average. The Energy Information Administration reported the injection of 58 bcf of gas into US underground storage in the week ended Mar. 30, vs. withdrawals of 22 bcf the prior week and 10 bcf during the same period in 2006. The latest update of gas in storage “does not appear to reflect any overall change in domestic supply-demand fundamentals,” Morris said. The Nov. 1-Mar. 30 heat...
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