Working gas in storage was 3,420 Bcf as of Friday, August 21, 2020, according to EIA estimates. This represents a net increase of 45 Bcf from the previous week.
Stocks were 580 Bcf higher than last year at this time and 438 Bcf above the five-year average of 2,982 Bcf.
At 3,420 Bcf, total working gas is above the five-year historical range.
Over the last 13 weeks (one quarter) increases in storage have only been 10 Bcf more than the 5-year average for the same period. Keep in mind that demand for U.S. gas is at least 10 Bcfpd higher than it was five years ago.
30 minutes after the storage report was released the October NYMEX contract (the front month tomorrow) was up $0.131 at $2.705/MMBtu. Lots of short covering today.
EIA - Natural Gas Storage Report - August 27
EIA - Natural Gas Storage Report - August 27
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group