The natural gas storage report from the EIA for the week ending February 5th indicated that the amount of natural gas held in underground storage in the US fell by 171 billion cubic feet to 2,518 billion cubic feet by the end of the week, which left our gas supplies 9 billion cubic feet, or 0.4% below the 2,527 billion cubic feet that were in storage on February 5th of last year, and 152 billion cubic feet, or 6.4% above the five-year average of 2,366 billion cubic feet of natural gas that have been in storage as of the 5th of February in recent years..the 171 billion cubic feet that were drawn out of US natural gas storage this week was a bit less than the average forecast of a 175 billion cubic foot withdrawal from an S&P Global Platts survey of analysts, but way more than the 121 billion cubic foot withdrawal from natural gas storage seen during the corresponding week of a year earlier, and also more than the average withdrawal of 125 billion cubic feet of natural gas that have ty
3 Min Read
HOUSTON (Reuters) - U.S. shale producer Chesapeake Energy Corp on Tuesday exited Chapter 11 bankruptcy with business plan that nods to its founders’ emphasis on natural gas after a recent push into crude oil.
FILE PHOTO: Chesapeake Energy Corporation s 50 acre campus is seen in Oklahoma City, Oklahoma, on April 17, 2012. REUTERS/Steve Sisney
Once the second-largest U.S. natural gas producer, Chesapeake was felled by a long slide in gas prices and heavy debts from overspending on deals. Two years ago it paid $4 billion in a bet on shale oil firm WildHorse Resource Development. But oil prices fell after the deal closed.