EIA - Natural Gas Storage Report - May 6

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dan_s
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Joined: Fri Apr 23, 2010 8:22 am

EIA - Natural Gas Storage Report - May 6

Post by dan_s »

Working gas in storage was 1,958 Bcf as of Friday, April 30, 2021, according to EIA estimates. This represents a net increase of 60 Bcf from the previous week. < The 5-year average build for the last week of April is 78 Bcf, so the deficit to the 5-year average continues to grow.
Stocks were 345 Bcf less than last year at this time and 61 Bcf below the five-year average of 2,019 Bcf.
At 1,958 Bcf, total working gas is within the five-year historical range.

I am expecting the build for the week ending May 7 to be about the same (~60 Bcf), which will compare to a build last year of 109 Bcf and the 5-year average build of 80 Bcf.

Keep in mind that the largest storage builds of the year occur from mid-April to mid-June. Thanks to a large increase in exports from this period last year (+ ~8 Bcf per day year-over-year), I expect storage to fall further and further behind the 5-year average.

If we have a hot summer and an active GOM hurricane season, the U.S. natural gas and NGL markets will be extremely under-supplied heading into the next winter heating season.
Dan Steffens
Energy Prospectus Group
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