Working gas in storage was 1,986 Bcf as of Friday, March 27, 2020, according to EIA estimates. This represents a net decrease of 19 Bcf from the previous week.
Stocks were 863 Bcf higher than last year at this time and 292 Bcf above the five-year average of 1,694 Bcf.
At 1,986 Bcf, total working gas is within the five-year historical range.
At the end of the heating seasons in early 2016 the gas in storage was over 2,400 Bcf and the gas price was under $2.00. By the beginning of the next heating season the price of gas was close to $4.00/mcf in December, 2016.
The sharp decline in well completions this year is going to tighten up the natural gas market in the U.S. Drilling activity will not increase until WTI is north of $50/bbl.
EIA - Natural Gas Storage Report - April 2
EIA - Natural Gas Storage Report - April 2
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group