EIA - Natural Gas Storage Report - Mar 9

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EIA - Natural Gas Storage Report - Mar 9

Post by dan_s »

Working gas in storage was 2,030 Bcf as of Friday, March 3, 2023, according to EIA estimates.
This represents a net decrease of 84 Bcf from the previous week.
Stocks were 493 Bcf higher than last year at this time and 359 Bcf above the five-year average of 1,671 Bcf.
At 2,030 Bcf, total working gas is within the five-year historical range. < We do not have a "GLUT" of natural gas in the U.S.

There are now four weeks left in the "official" winter heating season.
> My updated WAG is that during the four weeks (March 4 to 31) another 260 Bcf will be drawn from storage. This is based on the weather forecast that more named winter storms will move across the top 3rd of the nation during the next three weeks.
> If my WAG is accurate, ngas in storage will be 1,770 Bcf on March 31, 206 Bcf below the 5-year average of 1,576

A 206 Bcf "surplus" compares to the size of the U.S. natural gas market that is ~37 TCF per year (37,000 Bcf). Basically, it is a "rounding error".

With a bit of luck, draws from storage will extend into April. That happened in 2018 when draws continued for three weeks in April.
Dan Steffens
Energy Prospectus Group
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