EIA Natural Gas Storage Report - Apr 25
Posted: Fri Apr 26, 2024 9:18 am
Working gas in storage was 2,425 Bcf as of Friday, April 19, 2024, according to EIA estimates.
This represents a net increase of 92 Bcf from the previous week.
Stocks were 439 Bcf higher than last year at this time and 655 Bcf above the five-year average of 1,770 Bcf.
At 2,425 Bcf, total working gas is above the five-year historical range.
92 Bcf build is much larger than expected. Hopefully, with LNG exports ramping up this week, the storage report should be better next week.
My advice to all of the gassers is to hedge their Q4 2024 and Q1 2025 gas at the strip prices. Q1 is over $3.50.
This represents a net increase of 92 Bcf from the previous week.
Stocks were 439 Bcf higher than last year at this time and 655 Bcf above the five-year average of 1,770 Bcf.
At 2,425 Bcf, total working gas is above the five-year historical range.
92 Bcf build is much larger than expected. Hopefully, with LNG exports ramping up this week, the storage report should be better next week.
My advice to all of the gassers is to hedge their Q4 2024 and Q1 2025 gas at the strip prices. Q1 is over $3.50.