EIA Natural Gas Storage Report - Sept 26

[dan_s]

Working gas in storage was 3,492 Bcf as of Friday, September 20, 2024, according to EIA estimates.
This represents a net increase of 47 Bcf from the previous week. < 5 Bcf below the Celsius Energy forecast.
Stocks were 159 Bcf higher than last year at this time and 233 Bcf above the five-year average of 3,259 Bcf.
At 3,492 Bcf, total working gas is within the five-year historical range.

Another BIG decline (41 Bcf) in the surplus to the 5-year average. During the 22 weeks since April 19th, storage build have been significantly lower than the 5-year average 21 of the 22 weeks. Since April 19th the surplus to the 5-year average has declined by 462 Bcf (695 to 233).

By November 15th, the end of the refill season, my forecast is that storage will be 80 Bcf above the 5-year average. By mid-December storage will be below the 5-year average. By early November, gas in storage should be lower than it was a year ago.

There are two more large LNG export facilities that should be online soon: Venture Global Plaquemines and Cheniere Corpus Christi Train 3. They will increase U.S. LNG export capacity by 3.1 Bcfpd to 17.8 Bcfpd.
See slide 7 here: https://d1io3yog0oux5.cloudfront.net/_2c2a03d4560870f046afa083a1d40ecf/anteroresources/db/732/7568/pdf/AR+August+Investor+Presentation_vF2_08.05.2024_.pdf