Matador Resources Company (MTDR)

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March 25: Marcellus expected to help refresh nation's natural gas reserves


Natural gas in storage has fallen below 900 billion cubic feet for the first time in 567 weeks, according to an U.S. Energy Information Administration report today.

The EIA reported today that the nation's volume of gas in storage was 896 Bcf for the week ending March 21. That is down 57 Bcf from the preceding week and is the lowest since May 2, 2003. It is half the volume of gas in storage a year ago at this time and half the EIA's five-year average, having fallen below that average's lowest point.

The week before was the first time since 2003 -- years before the first Marcellus well was drilled -- gas in storage had fallen below 1 trillion cubic feet. Gas in storage has declined 19 weeks in a row.

A harsh winter in parts of the country prompted the withdrawals to keep supply constant. And even though the EIA earlier this month forecast record injections of gas into storage this summer, the agency predicted levels in October would be the lowest since 2008.