Working gas in storage was 3,622 Bcf as of Friday, December 13, 2024, according to EIA estimates.
This represents a net decrease of 125 Bcf from the previous week.
Stocks were 20 Bcf higher than last year at this time and 132 Bcf above the five-year average of 3,490 Bcf.
At 3,622 Bcf, total working gas is within the five-year historical range.
Comparisons to the 5-year average are misleading because demand for U.S. natural gas is MUCH HIGHER than it was five years ago.
Looking at the storage level based on current "Days of Demand", the storage level is at the bottom of the 5-year average.
The net decrease for the week ending December 20th is likely to be less than 100 Bcf, but then we should see triple digit weekly draws through February.
EIA Natural Gas Storage Report - Dec 19
EIA Natural Gas Storage Report - Dec 19
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: EIA Natural Gas Storage Report - Dec 19
Trading Economics before the EIA report was released:
"US natural gas futures rose to above $3.4 per MMBtu on Thursday, approaching the one-year high of $3.5 tested in December as bets of stronger global LNG demand magnified robust domestic consumption. Uncertainty on whether Europe will continue to receive Russian gas flows through Ukraine drove investors to take long LNG positions as EU members search for alternative gas sources. This raises demand for US LNG at the turn of the US presidency, with President-elect Trump stating that his administration is against holding back on LNG export permits, driving firms to favor more profitable exports instead of cheaper gas sales domestically due to the ample supply in the US. In the meantime, new data from the EIA showed that domestic natural gas consumption is set to break a new record in 2024, largely due to higher demand from the electric power sector."
"US natural gas futures rose to above $3.4 per MMBtu on Thursday, approaching the one-year high of $3.5 tested in December as bets of stronger global LNG demand magnified robust domestic consumption. Uncertainty on whether Europe will continue to receive Russian gas flows through Ukraine drove investors to take long LNG positions as EU members search for alternative gas sources. This raises demand for US LNG at the turn of the US presidency, with President-elect Trump stating that his administration is against holding back on LNG export permits, driving firms to favor more profitable exports instead of cheaper gas sales domestically due to the ample supply in the US. In the meantime, new data from the EIA showed that domestic natural gas consumption is set to break a new record in 2024, largely due to higher demand from the electric power sector."
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group