EIA - Natural Gas Storage Report - Sept 22

EIA - Natural Gas Storage Report - Sept 22

Postby dan_s » Thu Sep 22, 2022 9:37 am

Working gas in storage was 2,874 Bcf as of Friday, September 16, 2022, according to EIA estimates.
This represents a net increase of 103 Bcf from the previous week.
Stocks were 197 Bcf less than last year at this time and 332 Bcf below the five-year average of 3,206 Bcf.
At 2,874 Bcf, total working gas is within the five-year historical range.

Over the last 13 weeks (Qtr of a year), storage builds have total just 1 Bcf above the 5-year average for the same period.

There are now just 8 weeks left in the refill season.

Based on my SWAG storage will be 340 Bcf below the 5-year average in mid-November.
Dan Steffens
Energy Prospectus Group
dan_s
 
Posts: 30137
Joined: Fri Apr 23, 2010 8:22 am

Re: EIA - Natural Gas Storage Report - Sept 22

Postby SergioSays » Thu Sep 22, 2022 10:42 am

very scary because if we're going to max LNG exports through the winter that inventory is going to get extremely tight
SergioSays
 
Posts: 76
Joined: Mon Jul 12, 2021 8:59 am

Re: EIA - Natural Gas Storage Report - Sept 22

Postby dan_s » Thu Sep 22, 2022 1:06 pm

Something to note: Today's storage report for the week ending September 16 showed a build that was 18 Bcf higher than the 5-year average. The two storage reports for the 14 days ending September 9 showed combined storage builds that were 17 Bcf lower than the 5-year average. Size of the builds are directly related to the weather. There was not a big surge in supply.

Unless we have extremely mild weather for the next eight weeks, there is no way that U.S. ngas storage can be close to the 5-year average by mid-November.
Dan Steffens
Energy Prospectus Group
dan_s
 
Posts: 30137
Joined: Fri Apr 23, 2010 8:22 am

Re: EIA - Natural Gas Storage Report - Sept 22

Postby dan_s » Thu Sep 22, 2022 1:56 pm

Trading Economics:
"Natural gas futures bottomed below the $7.2/MMBtu mark, a level not seen in two months, pressured by a bigger-than-expected storage build. The latest EIA report showed that US utilities injected 103 billion cubic feet (bcf) of natural gas into underground storage, well above the median estimates of a 93 bcf injection. Prices were already under pressure amid record domestic production levels and forecasts for milder weather through early October. Adding to the bearish outlook were expectations that demand would fall further in October when the Cove Point liquefied natural gas (LNG) plant in Maryland shuts down for maintenance. Natural gas futures were still up around 100% this year as soaring prices in Europe and Asia keep demand for US LNG exports firm."

Looks like a hurricane will be in the Gulf of Mexico next week that could impact LNG exports.
Dan Steffens
Energy Prospectus Group
dan_s
 
Posts: 30137
Joined: Fri Apr 23, 2010 8:22 am


Return to The View from Houston

Who is online

Users browsing this forum: No registered users and 12 guests