The Energy Information Administration reported natural gas stocks climbed by 11 Bcf in the week ending March 16, slightly higher than the market consensus.
Thursday’s report marks the first injection since November 2011 and likely the end of winter 2011/2012 withdrawal season. Traditionally, the winter heating/withdrawal season is from November through March. The first injection of 2012 comes about two weeks earlier than normal and pushes total inventories to 2,380 Bcf, further expanding the year-over-year surplus.
Following the report, natural gas futures fell as the continued supply overhang weighs on prices. For the remaining two weeks in March…
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