Natural gas supplies are more than ample heading in the early part of fall, with another 58 billion (bcf) being added in the latest week, according to the Energy Information Administration.
This represents a net increase of 58 bBcf from the previous week. Stocks were 450 Bcf higher than last year at this time and 474 bcf above the 5-year average of 3,242 bcf.
The price of the commodity used to heat more than 50% of U.S. homes has risen off the bottom, but at roughly $4.50 per mmbtu, it’s still far from the highs hit in 2008.
Most homeowners who use natural gas should be in for a pleasant surprise when they open their bills during the colder months, assuming we don’t see a frigid winter that gobbles up supplies and lifts prices.
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