Surprise Natural Gas Drawdown Signals Higher Prices Ahead
The first summer drawdown in inventories in a decade means that natural gas markets are now tighter than many analysts thought only a few months ago
By Oilprice.com --Nick Cunningham—— Bio and Archives--August 9, 2016
Global Warming-Energy-Environment | Comments | Back To Full Article
The U.S. electric power sector burned through a record amount of natural gas in recent weeks, a sign of the shifting power generation mix and also a signal that natural gas supplies could get tighter than many analysts had previously expected.
The EIA reported a surprise drawdown in natural gas inventories for the week ending on August 3. The reduction of 6 billion cubic feet (Bcf) was the first summertime drawdown since 2006. Natural gas spot prices shot up following the data release on August 4, although they fell back again shortly after.
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