...Natural gas storage in the U.S. is rebounding after a very cold and long winter. A relatively cool summer thus far combined with still-growing production levels have contributed to net gas injections above the five-year average pace. The low point in storage came the week of March 28, 2014, when working natural gas storage was 822 billion cubic feet (bcf), versus a five-year average for that time of year of 1,814 bcf, or a deficit of 992 bcf. As of July 18, 2014 the deficit to the five-year average has shrunk by over 300 bcf and currently stands at 683 bcf--2,902 bcf (five-year average) less current storage of 2,219 bcf. Production levels are up approximately 5% year over year to approximately 69 bcf/day and are driven in part by associated natural gas production from tight oil production areas where oil production growth has been continuing at a very robust pace. Production is up approximately 38% since 2004/2005, when dry gas production was approximately 50 bcf/d. Near- to intermediate-term...
