EIA Natural Gas Storage Report - May 23

[dan_s]

Working gas in storage was 2,711 Bcf as of Friday, May 17, 2024, according to EIA estimates.
This represents a net increase of 78 Bcf from the previous week.
Stocks were 402 Bcf higher than last year at this time and 606 Bcf above the five-year average of 2,105 Bcf.
At 2,711 Bcf, total working gas is above the five-year historical range.

This is the 4th week in a row with net increases being below the 5-year average. That trend is expected to continue.

There is still work to do, but market forces and a hot start to the summer will rebalance the U.S. natural gas market.

BTW natural gas demand is much higher than it was five years ago, so more gas in storage is needed to make sure this VERY IMPORTANT supply chain is backed up by adequate gas in storage.

[Fraser921]

30 cent move from high to low in ng today

[dan_s]

When commodity prices make big moves higher, the "Paper Traders" tighten up their stop loss orders. This is especially true leading up to storage reports and the monthly OPEC and IEA reports for oil. Sell offs in the NYMEX futures market are often triggered by one big sales that causes a lot of automated trades.
Natural gas prices are way ahead of where I thought they'd be this quarter.