Natural Gas Storage Report - August 9

[dan_s]

Working gas in storage was 2,354 Bcf as of Friday, August 3, 2018, according to EIA estimates. This represents a net increase of 46 Bcf from the previous week. Stocks were 671 Bcf less than last year at this time and 572 Bcf below the five-year average of 2,926 Bcf. At 2,354 Bcf, total working gas is below the five-year historical range.

So.....gas storage moves even further below the bottom of the 5-year range as the deficit increases by 11 Bcf.

It is now a lock that natural gas in storage will be more than 500 Bcf below the 5-year average on Labor Day.

There are now just 14 weeks remaining before the next winter heating season begins.
> To get back to the 5-year average by then, storage builds will need to average more than 40.86 Bcf higher than the 5-year average for 14 straight weeks. < Virtually impossible.
> For the last ten weeks, weekly storage builds have been 5.9 Bcf BELOW the 5-year average.

This will get a LOT MORE attention after Labor Day.