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Platts Pre-report Analyst Survey Suggests US EIA Data will Show a Draw from Natural Gas Stocks of 82 Bcf to 86 Bcf - The US Energy Information Administration (EIA) is expected Thursday to report withdrawal from natural gas inventories of 82 billion cubic feet (Bcf) to 86 Bcf for the week ending March 2, 2012, according to a Platts survey of analysts - Platts.com
Platts Pre-report Analyst Survey Suggests US EIA Data will Show a Draw from Natural Gas Stocks of 82 Bcf to 86 Bcf

 

NewswireToday - /newswire/ - Washington, DC, United States, 2012/03/07 - The US Energy Information Administration (EIA) is expected Thursday to report withdrawal from natural gas inventories of 82 billion cubic feet (Bcf) to 86 Bcf for the week ending March 2, 2012, according to a Platts survey of analysts - Platts.com. NYSE: MHP; NYSE: MHFI

   
 
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A pull within that range would be larger than the 63-Bcf withdrawal in the same week in 2011 but smaller than the five-year-average drawdown of 92 Bcf, according to EIA data. As a result, the 756-Bcf surplus to a year ago could likely shrink, while the 780-Bcf surplus over the five-year average may expand.

The wider range of analyst estimates for the week that ended March 2 spanned from a withdrawal of 75 Bcf to 93 Bcf. The EIA estimated an 82-Bcf draw from storage for the week that ended February 24, dropping overall stocks to 2.513 trillion cubic feet (Tcf).

Gelber & Associates analyst Jonathan Arfa said last week's weather "was only marginally colder than the previous week's," but added that "large amounts of gas continued to be consumed for power generation, replacing relatively expensive coal and nuclear reactors that are undergoing maintenance."

Citi Futures Perspective analyst Tim Evans said the "expanding storage surplus could still pressure the market to new lows, but we can also imagine a scenario where the anticipation that reduced drilling activity will translate into weaker production could help prices hold firm, or even help lift the market at some point."

He added,"The rising storage surplus does indicate downward fundamental pressure on prices in our view, but the extreme in the storage capacity doesn't necessarily align with the extreme in prices."

About Platts
Founded in 1909, Platts is a leading global provider of energy, petrochemicals and metals information and a premier source of benchmark prices for those markets. Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in 150 countries benefit from Platts’ coverage of the oil, petrochemicals, natural gas, electricity, coal, nuclear power, shipping, and metals markets. A division of The McGraw-Hill Companies, Platts has approximately 900 employees in more than 15 offices worldwide.

About The McGraw-Hill Companies
McGraw-Hill (mcgraw-hill.com) announced on September 12, 2011, its intention to separate into two public companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide. McGraw-Hill Financial's leading brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Indices, Platts energy information services and J.D. Power and Associates. With sales of $6.2 billion in 2010, the Corporation has approximately 21,000 employees across more than 280 offices in 40 countries.

 
 
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Written by / Agency / Source: The McGraw-Hill Companies, Inc.

 
 

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Platts Pre-report Analyst Survey Suggests US EIA Data will Show a Draw from Natural Gas Stocks of 82 Bcf to 86 Bcf

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Publisher Contact: Kathleen Tanzy - Platts.com 
212-904-2860 kathleen_tanzy[.]platts.com
 
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