Mr. Miller advises that looking ahead to the January 14th and 21st Weekly Natural Gas Storage Report, we are looking at withdrawals potentially in excess of 250 Billion cubic feet, for consecutive weeks, and potentially beyond given the poor weather forecast.
Combined with well freezeovers in the producing regions, continued heavy demand in consuming and more importantly producing regions of the U.S., and forecasted bad weather for the entire first quarter of 2010, Natural Gas, heating oil and residual fuels are looking to go into very tight supply, and more importantly, deliverability problems.
As previously noted, more Bad Weather is Forecasted to continue through First Quarter of 2010 from Rockies to East Coast
TEMPERATURE FORECAST JANUARY, FEBRUARY, MARCH 2010:
THETEMPERATURE OUTLOOKS FOR JFM THROUGH FMA 2010 INDICATE THAT THE CHANCESOF BELOW NORMAL TEMPERATURE ARE ELEVATED OVER THEIR CLIMATOLOGICALLIKELIHOOD FOR MUCH OF THE SOUTHERN THIRD OF THE U.S. FROM THE SOUTHERNROCKY MOUNTAINS TO THE
Disclosure: Long U.S. Energy Companies