US natural gas futures continue to move lower as the storage surplus swells, raising the possibility that inventories will exceed the 2012 record high of 2,369 Bcf

摘要

The US Energy Information Administration reported a 48 billion cubic foot withdrawal for the week ended Feb. 26, bringing the volume of working gas in storage to 2,536 Bcf (Storage Report). This week's delivery was 7 Bcf higher than expectations but well under the 137 Bcf five-year average, raising the seasonal surplus 89 Bcf to 666 Bcf, or 35.6% above the average. The draw was even more striking compared to last year's 227 Bcf pull, causing the year-on-year surplus to jump 179 Bcf to 794 Bcf, or 45.6% above last year’s level.