Working gas in storage was 1,107 Bcf as of Friday, March 22, 2019, according to EIA estimates. This represents a net decrease of 36 Bcf from the previous week. Stocks were 285 Bcf less than last year at this time and 551 Bcf below the five-year average of 1,658 Bcf. At 1,107 Bcf, total working gas is within the five-year historical range.
Looks like we will end the winter heating season with ~1,050 BCF in storage. Two more draws.
The bottom of the 5-year average storage range shown here http://ir.eia.gov/ngs/ngs.html was set in 2014. We consume a heck of lot more gas in the U.S. today than we did 5 years ago.
Natural Gas Storage Report - March 28
Natural Gas Storage Report - March 28
Last edited by dan_s on Thu Mar 28, 2019 10:48 am, edited 1 time in total.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Natural Gas Storage Report - March 28
Winter is not over yet: https://www.weatherbell.com/premium
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Natural Gas Storage Report - March 28
U.S. LNG Tipped to go global on abundant supplies - Forbes
Liquefied Natural Gas (LNG) market sentiment is increasingly leaning in favor of substantial volumes of North American, especially U.S., cargoes heading to global markets, as ample supply is pushing rising shale gas production into export markets and beyond the reach of continental pipelines. The U.S. Energy Information Administration (EIA) data currently points to a near doubling of American LNG exports in 2019, over the year before, while rating agency Moody's says global environmental regulations will bolster demand until renewable energies become more competitive making Asian and European energy markets particularly reliant on natural gas, much of it imported from the U.S. The EIA projects that U.S. liquefied natural gas (LNG) export capacity will reach nearly 9 billion cubic feet (bcf) per day by the end of 2019, making it the third largest LNG exporter in the world behind Australia and Qatar..
Liquefied Natural Gas (LNG) market sentiment is increasingly leaning in favor of substantial volumes of North American, especially U.S., cargoes heading to global markets, as ample supply is pushing rising shale gas production into export markets and beyond the reach of continental pipelines. The U.S. Energy Information Administration (EIA) data currently points to a near doubling of American LNG exports in 2019, over the year before, while rating agency Moody's says global environmental regulations will bolster demand until renewable energies become more competitive making Asian and European energy markets particularly reliant on natural gas, much of it imported from the U.S. The EIA projects that U.S. liquefied natural gas (LNG) export capacity will reach nearly 9 billion cubic feet (bcf) per day by the end of 2019, making it the third largest LNG exporter in the world behind Australia and Qatar..
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Natural Gas Storage Report - March 28
From TPH Morning Report
US Natural Gas Recap
Colder weather expected as we close out March
Sector: Macro | Ticker: HHUB | Recommendation: NR | Target: NA | Close: $2.82/mcf
Natural gas inventories drew 36bcf, slightly below consensus of 39bcf and 5bcf less than our modeled 41bcf draw. The deficit to 5-year norms decreased marginally to 551bcf (33%), after increasing for several consecutive weeks. Weather adjusted, the market was 1.3bcf oversupplied; a decrease from ~ 2bcf oversupplied a week prior. Temperatures were cooler than average this week with HDD's 12% above average, however, weather forecasts indicate that temperatures are biased higher with a warm front expected on the east coast and normal temperatures throughout much of the Midwest. Permian volumes are down 0.6bcfd w/w and Waha has moved into negative territory (observed lows of ($1.15)/mmbtu) as EPNG's force majeure event continues (L2000 constraint), taking ~0.2bcfd of long-haul capacity offline. In other news, US LNG volumes were down nearly 1.4bcfd w/w to ~3.9bcfd, fueling concerns that weak global LNG pricing is eroding US feed gas demand. We see this being the trough in storage levels, with a small build expected next week.
US Natural Gas Recap
Colder weather expected as we close out March
Sector: Macro | Ticker: HHUB | Recommendation: NR | Target: NA | Close: $2.82/mcf
Natural gas inventories drew 36bcf, slightly below consensus of 39bcf and 5bcf less than our modeled 41bcf draw. The deficit to 5-year norms decreased marginally to 551bcf (33%), after increasing for several consecutive weeks. Weather adjusted, the market was 1.3bcf oversupplied; a decrease from ~ 2bcf oversupplied a week prior. Temperatures were cooler than average this week with HDD's 12% above average, however, weather forecasts indicate that temperatures are biased higher with a warm front expected on the east coast and normal temperatures throughout much of the Midwest. Permian volumes are down 0.6bcfd w/w and Waha has moved into negative territory (observed lows of ($1.15)/mmbtu) as EPNG's force majeure event continues (L2000 constraint), taking ~0.2bcfd of long-haul capacity offline. In other news, US LNG volumes were down nearly 1.4bcfd w/w to ~3.9bcfd, fueling concerns that weak global LNG pricing is eroding US feed gas demand. We see this being the trough in storage levels, with a small build expected next week.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group