EIA - Natural Gas Storage Report - Aug 17

[dan_s]

Working gas in storage was 3,065 Bcf as of Friday, August 11, 2023, according to EIA estimates.
This represents a net increase of 35 Bcf from the previous week.
Stocks were 549 Bcf higher than last year at this time and 299 Bcf above the five-year average of 2,766 Bcf.
At 3,065 Bcf, total working gas is within the five-year historical range.

There are 14 weeks left in the refill season that ends November 17, 2023. This is not enough time to get storage back to the 5-year average.

MY CONCERN: The U.S. will begin the 2023/2024 winter with ~500 Bcf more gas in storage than we had last year in mid-November. In my opinion, it will take a VERY COLD start to the winter to keep natural gas prices over $3.00. At the time of this post, the DEC23 HH futures contract is trading at $3.75. I "hope" prices average $3.50 this coming winter, but we'll need a lot of help from Old Man Winter.