Working gas in storage was 2,798 Bcf as of Friday, January 20, 2017, according to EIA estimates. This represents a net decrease of 119 Bcf from the previous week. Stocks were 348 Bcf less than last year at this time and 20 Bcf below the five-year average of 2,818 Bcf. At 2,798 Bcf, total working gas is within the five-year historical range.
Next week's report, for the week ending January 27, will also be in the 100 to 140 Bcf range. After that the storage reports should turn more bullish as winter weather returns.
As I said in yesterday's luncheon presentation, the draws from storage in February and March will be MUCH LARGER than last year.
Fact: Over the last 38 weeks (May, 2016 to Jan, 2017) the net +/- to storage is 837 BCF. That is a HUGE difference of 3.15 BCF per day and it is clearly not just about the weather.
Natural gas storage is on-track to end the winter heating season in the 1700 to 1800 BCF range, compared to 2,480 BCF a year ago. Refilling storage is part of annual demand.
Natural Gas Storage Report - Jan 26
Natural Gas Storage Report - Jan 26
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group