Natural Gas Storage Report - June 22

[dan_s]

Working gas in storage was 2,770 Bcf as of Friday, June 16, 2017, according to EIA estimates. This represents a net increase of 61 Bcf from the previous week. Stocks were 324 Bcf less than last year at this time and 207 Bcf above the five-year average of 2,563 Bcf. At 2,770 Bcf, total working gas is within the five-year historical range.

The delta to the 5-year average has declined by 207 BCF in just 14 weeks. Ngas storage level is now likely to dip below the 5-year average by the end of September.

Demand for gas increases by 10-12 BCF per day from April-May to July-August. Draws from storage during late July to end of August are now possible. That would certainly draw a lot of attention.

50 GOM production platforms were shut-in because of Cindy. That will have an impact of next week's storage reports.