US natural gas in storage could reach a symbolic low this week. Extreme cold throughout the country is sending heating demand soaring, which is sucking gas from storage at record levels. “Natural gas in underground storage hasn’t dropped below 1 tcf since 2003, but the latest EIA report showed inventories on February 14th at 1.4 tcf and falling at a weekly rate of 245 bcf per week (average rate of decline over the past month). At that rate, we will go below 1 tcf of gas in underground storage this week, but the EIA won’t report that number until late next week. The media hasn’t spent much time covering this issue, but I expect it will garner some attention if we drop below 1 tcf next week since it hasn’t happened in over a decade. This would put the US about one more cold snap from sending natural gas prices to the moon.” [Energy Trends Insider]

Talk of using US LNG exports as an energy weapon against Russia that would insulate Europe from potential supply disruptions caused by the Ukraine crisis appear to be overblown political posturing. As Michael Levi reminds us, “The U.S. government doesn’t get to sell gas to anyone; it can create a framework in which commercial entities can sell gas, but after that, it’s up to those businesses to decide where the gas goes. Similarly, “Europe” doesn’t buy gas – all sorts of European companies do, within European and national regulatory frameworks.” [Council on Foreign Relations]

Colorado business groups are aligning themselves against anti-frackers. “A new coalition of 43 business and civic groups along with dozens of businesses and individuals from across Colorado has been formed to advocate for the state’s oil and gas industry.” [Denver Business Journal]