Natural Gas Inventory Report 7-31-08

Working gas in storage was 2,461 Bcf as of Friday, July 25, 2008, according to EIA estimates. This represents a net increase of 65 Bcf from the previous week. Stocks were 357 Bcf less than last year at this time and 12 Bcf below the 5-year average of 2,473 Bcf. In the East Region, stocks were 5 Bcf above the 5-year average following net injections of 55 Bcf. Stocks in the Producing Region were 12 Bcf below the 5-year average of 764 Bcf no net change in stock levels. Stocks in the West Region were 5 Bcf below the 5-year average after a net addition of 10 Bcf. At 2,461 Bcf, total working gas is within the 5-year historical range.

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China National Petroleum Eyes U.S. Natural Gas

HONG KONG, July 28 (Reuters) - China National Petroleum Corp (CNPC), China's top state oil firm, is thinking of bidding for minority stakes in shale gas assets of Chesapeake Energy Corp, according to a local newspaper report.

Chesapeake is looking to raise as much as $5 billion this year from selling minority stakes in its Arkansas and Pennsylvania shale gas properties, the South China Morning Post reported on Monday, citing unnamed market sources.
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Natural Gas Inventory Report 7-24-08

Working gas in storage was 2,396 Bcf as of Friday, July 18, 2008, according to EIA estimates. This represents a net increase of 84 Bcf from the previous week. Stocks were 347 Bcf less than last year at this time and 22 Bcf below the 5-year average of 2,418 Bcf. In the East Region, stocks were 2 Bcf below the 5-year average following net injections of 63 Bcf. Stocks in the Producing Region were 6 Bcf below the 5-year average of 758 Bcf a net injection of 10 Bcf. Stocks in the West Region were 14 Bcf below the 5-year average after a net addition of 11 Bcf. At 2,396 Bcf, total working gas is within the 5-year historical range.

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Natural Gas Prices Poised To Test 200 Day Moving Average

Natural gas prices are under mounting pressure after this week's inventory data revealed a larger than anticipated build in natural gas inventories. The increase of 104 bcf was 18% above consensus estimates.

August natural gas is currently trading at $10.691 down .707 (6.20%).