EIA - Natural Gas Storage Report - Nov 2

[dan_s]

Working gas in storage was 3,779 Bcf as of Friday, October 27, 2023, according to EIA estimates.
This represents a net increase of 79 Bcf from the previous week.
Stocks were 293 Bcf higher than last year at this time and 205 Bcf above the five-year average of 3,574 Bcf.
At 3,779 Bcf, total working gas is within the five-year historical range.

Thanks to much colder than normal weather this week, we could see a draw from storage next week. My WAG that storage will be ~3,800 Bcf on November 17 (end of the refill season) is still possible.

3.8 Tcf in storage mid-November is well within the 5-year historical range and it is definitely not a "glut". All we need is a normal winter and LNG exports to stay over 13 Bcfpd all winter and storage will be back to the 5-year range in Q2 2024.

I am using $3.25 as the average ngas price for 2024, which is currently below the NYMEX strip.