EIA - Natural Gas Storage Report - Feb 14

Post Reply
dan_s
Posts: 34463
Joined: Fri Apr 23, 2010 8:22 am

EIA - Natural Gas Storage Report - Feb 14

Post by dan_s »

Working gas in storage was 2,343 Bcf as of Friday, February 14, 2020, according to EIA estimates. This represents a net decrease of 151 Bcf from the previous week.
Stocks were 613 Bcf higher than last year at this time and 200 Bcf above the five-year average of 2,143 Bcf.
At 2,343 Bcf, total working gas is within the five-year historical range.

This is a slight improvement in the outlook for natural gas prices. We definitely need a cold March to push ngas prices firmly over $2.00. If winter drags on into April (maybe too much to ask for) we may see NYMEX strip for Oct to Mar push up to $2.50.

The big surprise in the Q4 earnings reports has been the nice increase in NGL prices, especially in the Permian Basin. The pipeline takeaway capacity issues in West Texas appear to be resolved.
Dan Steffens
Energy Prospectus Group
Post Reply