EIA - Natural Gas Storage Report - Oct 6

[dan_s]

Working gas in storage was 3,106 Bcf as of Friday, September 30, 2022, according to EIA estimates.
This represents a net increase of 129 Bcf from the previous week.
Stocks were 165 Bcf less than last year at this time and 264 Bcf below the five-year average of 3,370 Bcf.
At 3,106 Bcf, total working gas is within the five-year historical range.

Much larger build than I expected. There are now just 6 weeks left in the refill season.
> My guess is that 300 Bcf will be added to storage before we see the first draw from storage the week ending November 18.
> That would put storage at 3,406 Bcf to begin the winter heating season, 246 Bcf below the 5-year average.

Weather will be the primary driver of natural gas demand during the next six months. Colder air is heading to the Upper Midwest and some areas will see their first dips below freezing at night in a few days.

LNG export demand will ramp up by 2 Bcfpd in December as Freeport comes back online and several other LNG export facilities complete maintenance this month. Team Biden had done a lot of dumb stuff, but banning LNG exports won't be one of them.