Working gas in storage was 3,317 Bcf as of Friday, September 27, 2019, according to EIA estimates. This represents a net increase of 112 Bcf from the previous week.
Stocks were 465 Bcf higher than last year at this time and 18 Bcf below the five-year average of 3,335 Bcf.
At 3,317 Bcf, total working gas is within the five-year historical range.
Triple digit build is bearish, but there is still plenty of room in storage. Total U.S. storage capacity is ~4,300 Bcf.
There are seven weeks left in refill season and we need 3,800 Bcf in storage to make it through a cold winter. By mid-October the weekly builds start dropping and draws from storage start in mid-November.
The record heat in the SE will eventually end. Cold in the NW is spreading eastward and should move into the Great Lakes Region by end of next week. Keep an eye on the Chicago forecast. Chicago is the "Bulls Eye" for natural gas demand for space heating. Winter weather already in Alberta, which should help our Canadian Juniors get better prices for their gas and NGLs.
EiA - Weekly Natural Gas Storage Report - Oct 3
EiA - Weekly Natural Gas Storage Report - Oct 3
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: EiA - Weekly Natural Gas Storage Report - Oct 3
This is a good website for short-term weather forecasts: https://www.wunderground.com/
They are forecasting overnight lows in the 60s for Houston early next week. That will sure be nice.
They are forecasting overnight lows in the 60s for Houston early next week. That will sure be nice.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group