EIA - Natural Gas Storage Report - Feb 3

[dan_s]

Working gas in storage was 2,323 Bcf as of Friday, January 28, 2022, according to EIA estimates.
This represents a net decrease of 268 Bcf from the previous week.
Stocks were 393 Bcf less than last year at this time and 143 Bcf below the five-year average of 2,466 Bcf.
At 2,323 Bcf, total working gas is within the five-year historical range.

My SWAG was a draw of 240 for the week ending Jan 28.

Over the next two weeks I now expect storage to move 250 to 300 Bcf below the 5-year average by Feb 11. Winter Storm Landon is causing a lot of well freeze offs, especially in Oklahoma. Crews will have difficulty getting the wells back online.

The 5-year average draw from storage for the week ending Feb 4 is 127 Bcf. Next week's storage report could be a draw of close to double that amount.

Spot market gas prices will go over $20/mcf in some areas. Q1 results for our gassers are going to be very good.

All space heating fuel (ngas, heating oil and propane) inventories are now "dangerously" low. Midwest propane inventories are draining fast. If you heat with propane, you may want to buy a few electric space heaters.