IMO this is a very bullish report.
Working gas in storage was 1,519 Bcf as of Friday, March 4, 2022, according to EIA estimates.
This represents a net decrease of 124 Bcf from the previous week.
Stocks were 281 Bcf less than last year at this time and 290 Bcf below the five-year average of 1,809 Bcf.
At 1,519 Bcf, total working gas is within the five-year historical range.
I was expecting a draw of less than 100 bcf.
With Winter Storm Quinlan bringing another blast of real winter weather this weekend we should two more weekly draws that exceed the 5-year average draws. I now expect ending storage to be ~300 Bcf below the 5-year average at the end of March.
Update on Quinlan: https://weather.com/safety/winter/news/ ... =hp-slot-1
The 5-year average storage level at the beginning of the refill season is 1,662 Bcf.
EIA - Natural Gas Storage Report - Mar 10
EIA - Natural Gas Storage Report - Mar 10
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group