EIA - Natural Gas Storage Report - April 27

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Working gas in storage was 2,009 Bcf as of Friday, April 21, 2023, according to EIA estimates.
This represents a net increase of 79 Bcf from the previous week.
Stocks were 525 Bcf higher than last year at this time and 365 Bcf above the five-year average of 1,644 Bcf.
At 2,009 Bcf, total working gas is within the five-year historical range.

Keep in mind that natural gas does not go to storage just because it has nowhere else to go. It is purchased and sent to storage by a utility or an industrial customer. Electric utilities may be taking the opportunity to buy cheap gas now and send it to storage for fuel when the summer demand ramps up for power generation.

Storage is still within the 5-year range and there is still two TCF of storage room. There is no "glut" that this market cannot absorb.

If you'd like to read Raymond James new ngas price forecast dated April 24, send an email to Sabrina at energyprospectus@gmail.com and she will send it to you.