EIA Natural Gas Storage Report - Mar 21
Posted: Thu Mar 21, 2024 9:40 am
Working gas in storage was 2,332 Bcf as of Friday, March 15, 2024, according to EIA estimates.
This represents a net increase of 7 Bcf from the previous week.
Stocks were 411 Bcf higher than last year at this time and 678 Bcf above the five-year average of 1,654 Bcf.
At 2,332 Bcf, total working gas is above the five-year historical range.
Thanks to some winter weather this week increasing space heating demand in the upper 1/3rd of the nation, the next two weeks draws should be much higher than the 5-year average draws. However, with storage near 2,300 Bcf heading into the refill season, it will be tough for U.S. natural gas prices to get back over $2.00 in Q2.
We must see an increase in LNG exports to rebalance the U.S. gas market.
This represents a net increase of 7 Bcf from the previous week.
Stocks were 411 Bcf higher than last year at this time and 678 Bcf above the five-year average of 1,654 Bcf.
At 2,332 Bcf, total working gas is above the five-year historical range.
Thanks to some winter weather this week increasing space heating demand in the upper 1/3rd of the nation, the next two weeks draws should be much higher than the 5-year average draws. However, with storage near 2,300 Bcf heading into the refill season, it will be tough for U.S. natural gas prices to get back over $2.00 in Q2.
We must see an increase in LNG exports to rebalance the U.S. gas market.
