Natural Gas Storage Report _

[dan_s]

Working gas in storage was 2,387 Bcf as of Friday, August 10, 2018, according to EIA estimates. This represents a net increase of 33 Bcf from the previous week. Stocks were 687 Bcf less than last year at this time and 595 Bcf below the five-year average of 2,982 Bcf. At 2,387 Bcf, total working gas is below the five-year historical range.

Over the last six weeks, the delta to the 5-year average has increased by 93 Bcf or more than 15 Bcf per week.

[dirtdauber]

And storage is 105 bcf below the 5-yr minimum.

[dan_s]

Had you told me this on June 1st, my guess would be that Q1 2019 NYMEX futures contracts would be over $4.00 by now. It may still happen, but the EIA constantly telling us that a HUGE amount of new gas production is coming online keeps the lid on gas prices. The last time anything close to this happened was in 2013-2014 and ngas price spiked to $5.40/MMBtu in Q1 2014.

Confirm for yourself here: https://www.macrotrends.net/2478/natura ... ical-chart

My take is that EIA has (once again) grossly under-estimated demand growth for the world's cheapest and very clean energy source.