EIA Natural Gas Storage Report - Feb 8

[dan_s]

Working gas in storage was 2,584 Bcf as of Friday, February 2, 2024, according to EIA estimates.
This represents a net decrease of 75 Bcf from the previous week.
Stocks were 187 Bcf higher than last year at this time and 248 Bcf above the five-year average of 2,336 Bcf.
At 2,584 Bcf, total working gas is within the five-year historical range.

This draw is slightly larger than most of the guesses that I've seen, but we are going to need some help from the weather to get storage back to a normal level. The argument can be made that we need more gas in storage than the 5-year average because demand for U.S. natural gas keeps going up year-after-year.

During Joe Bastardi's last Saturday Summary he forecast that from February 14 thru March 15 it would be much colder than normal for the eastern half of the U.S. Most weather forecasts past the next few days are guesses based on whatever forecast model being used. There are actually more than 100 forecasting models being used by weather services today. If Joe's forecast is accurate we could see HH ngas prices rebound. My stock price forecast models are now based on HH ngas averaging $2.50/MMBtu this year.