Cold comfort: natural gas glut vaporizes
Buried in yesterday’s news cycle (and Northeastern snowbanks), Rocky noticed that the widely reported “glut” of domestic natural gas inventories suddenly vaporized. Or more accurately, it oxidized.
The Department of Energy reported yesterday that Eastern US natural gas inventories are now BELOW their five-year average, and national inventories are in-line with their five-year average. See: http://ir.eia.gov/ngs/ngs.html
Rocky believes that inventories remain ample. However, a few more weeks of arctic cold weather, and natural gas consumers will feel the same chill that heating oil consumers have been experiencing.
[Disclosure: Rocky never gives investment advice, but he thinks natural gas is “cheap” compared to crude oil. But that doesn’t mean the natural gas price will go up or the crude oil price will go down…. For details, see Rocky’s Definitions at the top of this page under Rocky I and Rocky V. ]