Today's natural gas inventory report shows that the current storage is 1,777 Bcf which is 795 Bcf less that last year at this time and 118 Bcf lower than the 5 year average.
There is a lot of speculation now that the inventory drawdown seems excessive considering that the winter was not really that cold.
The collapse of dry gas drilling rigs is suspected as the reason that the inventory is down.
We will see if this trend continues especially as we hit hot weather in the next 30 days. There should be strong inventory rebuilding now in the shoulder season before the summer peak electrical generation requires natural gas.
Last week 43 Bcf was added to inventory with the 5 year average of 67 Bcf so even the most recent data shows a shortfall from the averages of 35%.