LONDON (Commodity Online): The prompt contract suffered as the EIA weekly storage report churned out a larger-than-consensus injection number. The November contract came off 7 cents to $3.52/MMBtu.
Calendar 2012 and 2013 both lost a meager penny to $4.02 and $4.59, respectively. Early next week could see much colder than normal temperatures spreading across most of the East, Midwest, and Southern states, while the weather outlook for the East in the 6-10 day period has also trended colder on the day.
The EIA weekly storage report showed a net injection of 92 Bcf, 6 Bcf above consensus. The East added 44 Bcf, while the West piled on 7 Bcf. The stock in the Producing Region went up 41 Bcf.
Inventory is now 28 Bcf below last year's level at the same time and 158 Bcf above the 5-year average. Currently at 3.7 Tcf, the storage level is well on its way to finish October around our projected 3.8 Tcf.
Cash prices were mostly mixed on the day. Henry Hub cash lost 6 cents, to $3.59. SoCalBorder dropped 9 cents, to $3.61, while New York (Transco-Z6) rose 2 cent, to $4.01. The new intra-Marcellus Tennessee Zone 4 moved 2 cents down, to $1.09.
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