Stock exchange news, gas. High gas stocks in US cast pressure on its price.
As of March 09 gas stocks amounted to 2.369 bln. cub. feet. This is 64 mln. cub. feet less than last week. The stocks are by 735 mln. cub. feet higher than last year and by 807 mln. cub. feet higher than the 5-year range that amounts to 1.562 bln. cub. feet.
East Region stocks are by 340 mln. cub. feet higher than the 5-year range. As of March 09 they amounted to 1.059 bln. cub. feet, which is by 55 mln. cub. feet less than last week. Producing Region stocks are by 340 mln. cub. feet higher than the 5-year range of 604 mln. cub. feet. Compared to last week, stocks have dropped by 2 mln. cub. feet. As of March 09 West Region also shows shortage of stocks from 352 mln. cub. feet to 345 mln. cub. feet. The shortage has amounted to 7 mln. cub. feet, but current point of 365 mln. cub. feet is higher than the 5-year range.
In long-term perspective gas prices will remain at the current level, as gas stocks are at their maximal points.
According to Commodity Trading Department of , weekly chart shows that there is market oversale, and short-term gas prices may bounce back to the 10-year low point. Gas prices may neither be supported by seasonal factor, but the beginning of the year was met with record stocks. Warm winter weather favoured stocks accumulation. Long-term gas prices will remain at the same level, and any price rise will only be a short-term one:
