How low will NG Storage go in the East this year ?We can all read the EIA data(today - NGas draw for week ending 31 January, 2013 was 262 and overall Storage was at 1923. However when we look at the East segment alone there may be some scared costomers and agents in the East !!
In the East, last year for week-ending Friday February 1, 2012 storage was 1303 and overall storage was 2684
In the East this year for week-ending Friday January 31, 2013 storage is 920
During the subsequent 9 weeks last year to April 5, 2013 when draws ended and build commenced, overall storage dropped to 1673 and the East alone dropped to 646. A repeat draw experience in 2014 up to week-ending Friday April 4, 2014(and yes it may not be a useful guide but !!)......we would finish with the East down a further 1303 - 646 = 657 during the next 9 weeks which would finish at 920 - 657 = 263 ........ potential for customer bidding wars unless weather in East warms to above the corresponding 9 weeks avarage during 2013 ?
Peace,
Good decision-making to All,
ElJ