RPT-POLL-US natgas stocks seen down 58 bcf in weekly EIAs

Thu Jan 17, 2008 1:45pm GMT
 
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 (Repeating story before data due at 10:30 a.m. EST)
 NEW YORK, Jan 16 (Reuters) - U.S. natural gas storage levels were
expected to fall by about 58 billion cubic feet when weekly U.S. Energy
Information Administration data are released early Thursday, industry
sources said.
 In a Reuters survey, withdrawal estimates for the week ended Jan. 11
ranged from 37 bcf to 72 bcf. For the same week last year, stocks fell an
adjusted 83 bcf, while the five-year average draw for that week is 105
bcf.
 The median decline for the 23 estimates in the survey was 60 bcf.
 The EIA storage report will be issued Thursday at about 10:30 a.m. EST
(1530 GMT).
 The U.S. National Oceanic and Atmospheric Administration said there
were 126 heating degree days last week, 84 warmer than the previous week,
82 fewer than normal and 31 less than the same week last year.
 Degree days, a measure of departure in the mean daily temperature from
65 degrees Fahrenheit, are used to reflect demand for energy to heat or
cool homes and businesses.
 In the last report, overall storage fell 171 bcf, above Reuters survey
estimates for a 155 bcf draw and well above last year's drop of 49 bcf and
the five-year average decline for that week of about 70 bcf.
 Eastern stocks lost 93 bcf in the last report and slid to 12 percent
below last year.
 Consuming Region West storage, which dropped 20 bcf for the week, fell
to 2 percent below last year, while inventories in the Producing Region
shed 58 bcf and declined to 7 percent below the same week in 2007.
 Last week's EIA report showed that total domestic gas inventories slid
to 2.75 trillion cubic feet which made it 282 bcf or 9 percent below last
year's levels.
 But total stocks were still 122 bcf or 5 percent above the five-year
average, a sizable cushion to meet a sustained surge in winter heating
demand.
 In the previous four reports, total stocks fell 544 bcf, or 136 bcf per
week, versus a 213 bcf decline for the same one-month period last year and
a 369 bcf slide two years ago.
 NOAA said it expected 204 heating degree days this week, 5 fewer than
normal but 2 more than the same year-ago week.
 Early withdrawal estimates for next week's EIA report, based on much
colder weather this week, range from 110 bcf to 175 bcf versus a 166 bcf
adjusted decline for the same week last year.
 If drawdowns for the rest of winter match the five-year pace, stocks
will end the heating season at 1.37 tcf, or about 10 percent above the
March 31 average, a comfortable level to start the April-through-October
stock building season but not as bearish as estimates this fall in the 1.5
tcf area.
 The following is a partial list of forecasters who participated in this
week's survey. If forecasters provided a range, the midpoint was used.
 BNP Paribas Survey    - 56
 Caprock Risk Mgmt     - 62
 CH Guernsey           - 44
 Citi Futures          - 60
 CPM Group             - 61
 enerjay               - 62
 FC Stone              - 50
 First Enercast        - 69
 FirstEnergy           - 65
 Forecast Trading      - 44
 Global Insight        - 72
 IAF Advisors          - 66
 Raymond James         - 61
 JPMorgan              - 55
 SMC Forecasting       - 56
 Stephen Smith Energy  - 52
 Strategic Energy      - 71
 Summit Energy         - 37
 (Reporting by Joe Silha, editing by John Picinich)


 

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