Natural gas in underground storage in the Lower 48 states in the US jumped 15 billion cubic feet (bcf) during the week ended November 13, touching a record 4,000 (bcf) according to data from the US Energy Information Administration.
That’s “nearly as much gas as the US can store,” says the Wall Street Journal. Prices are locked in a long-term downtrend even as the market factors in the huge inventory build with mild weather over the near term.
December natural gas futures on the NYMEX closed Friday at $2.145, down 5.76%.
Image of natural gas facility - Bilfinger