U.S. natural gas storage reaches record high
Tuesday, November 22, 2016
The volume of U.S. natural gas in storage hit a record high on Nov. 4, as production declined for the first time in over a decade, according to Oil and Gas Investor.
Stockpiles reached a gaudy 4.017 trillion cubic feet, topping the previous mark of 4.009 Tcf from Nov. 20, 2015, according to the U.S. Energy Information Administration. The increase occurred despite utilities pumping 1.549 Tcf into storage — the lowest amount of gas added over an in section season dating back to 1994.
What this means for the struggling market is that supply still heavily outweighs demand and price increases aren’t likely under the current conditions.
Learn more: Oil and Gas Investor > US Natural Gas Storage Hits All-Time High
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