Interesting chart from the EIA on natural gas storage back to 1994 based on the end of March totals. March is the period when inventories normally hit the lowest level after a draw down from winter heating. Naturally since production is down and the winter was one of the warmest on record, inventories have soared.
Figure - Working Natural Gas in Storage, End of March Inventories
Source - EIA
The real question will be whether producers such as Chesapeake Energy (CHK) have cut back enough on production to reduce supply. If not, prices will continue going lower and storage will max out over summer.
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