Working natural gas in storage has surpassed five-year average levels for the first time in more than a year. At 2,157 billion cubic feet (Bcf) as of February 13, stocks are 58 Bcf greater than the five-year average. Recent extremely cold weather may result in high stock withdrawals for the week ending February 20, which could again push stocks below their five-year average. However, natural gas production in February and March that is forecast to average 5 Bcf/day above the year-ago level is likely to contribute to healthy inventories and moderate prices as the nation moves from winter into spring. At no point during 2014 did inventories surpass their five-year average; the most recent excess was on November 22, 2013. Inventories ended the 2013-14 winter withdrawal season last March at a 10-year record low of 837 Bcf . After a record injection season in 2014 (April-October), weekly working gas […]