There’s plenty of natural gas in storage as the country nears the end of summer. Coupled with weak industrial activity, prices are holding at multi-year lows.
Earlier today, the Energy Information Administration reported that supplies increased 65 billion cubic feet to 3,323 bcf in the last week, which is 489 bcf higher than last year at this time and 501 bcf above the 5-year average.
Unless a major hurricane in the Gulf of Mexico disrupts production or we have an early and frigid start to winter, home owners who rely on natural gas to heat their homes should get a pleasant surprise when they open their heating bills this winter.
And that will provide consumers with extra cash to either spend, save, or pay down debt.
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