Working gas in storage was 2,215 Bcf as of Friday, May 21, 2021, according to EIA estimates.
This represents a net increase of 115 Bcf from the previous week.
Stocks were 381 Bcf less than last year at this time and 63 Bcf below the five-year average of 2,278 Bcf.
At 2,215 Bcf, total working gas is within the five-year historical range.
This is a much larger build than I was expecting. Below normal temps thanks to lots of rain in Texas, Louisiana and Oklahoma is to blame. Weather is the primary driver of natural gas prices. High level of exports this summer should support gas prices.
Largest builds of the year always occur in May.
EIA - Natural Gas Storage Report - May 27
EIA - Natural Gas Storage Report - May 27
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: EIA - Natural Gas Storage Report - May 27
AEGIS Notes
EIA reported a build of 115 Bcf for the week ending 5/21/2021. This was larger than the median estimate of 105 Bcf. Today's stat fell outside the expected range, which was 109 Bcf on the more bearish end, and 99 Bcf on the more bullish end.
Prices were down in the five minutes following the announcement, to $2.959, from $3.002 just before 9:30am.
Inventories for the US are now at a deficit of 381 Bcf to last year and a deficit of 63 Bcf to the five-year average.
EIA reported a build of 115 Bcf for the week ending 5/21/2021. This was larger than the median estimate of 105 Bcf. Today's stat fell outside the expected range, which was 109 Bcf on the more bearish end, and 99 Bcf on the more bullish end.
Prices were down in the five minutes following the announcement, to $2.959, from $3.002 just before 9:30am.
Inventories for the US are now at a deficit of 381 Bcf to last year and a deficit of 63 Bcf to the five-year average.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: EIA - Natural Gas Storage Report - May 27
U.S. oil, natural gas companies preparing for 2021 hurricane season . Reuters .
U.S. oil and natural gas companies are gearing up for this year's forecast of an above-average Atlantic hurricane season, a security and emergency expert with the American Petroleum Institute (API) said on Wednesday. Last year’s record 30 named storms forced shutdowns of offshore oil production that reached, at one point, 90% of 1.9 million barrels per day in production and idled refineries for weeks.
U.S. oil and natural gas companies are gearing up for this year's forecast of an above-average Atlantic hurricane season, a security and emergency expert with the American Petroleum Institute (API) said on Wednesday. Last year’s record 30 named storms forced shutdowns of offshore oil production that reached, at one point, 90% of 1.9 million barrels per day in production and idled refineries for weeks.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group