Natural Gas Storage Report - July 7
Posted: Fri Jul 07, 2017 11:04 am
Working gas in storage was 2,888 Bcf as of Friday, June 30, 2017, according to EIA estimates. This represents a net increase of 72 Bcf from the previous week. Stocks were 285 Bcf less than last year at this time and 187 Bcf above the five-year average of 2,701 Bcf. At 2,888 Bcf, total working gas is within the five-year historical range.
The 5-year average build for this week is 67 Bcf. Higher injections because of mild weather the last week of June and there was a rebound in supply after tropical storm Cindy moved out. More than 50 Gulf of Mexico production platforms were shut in while Cindy moved through the Gulf during the week ending June 23.
There are two tropical depressions moving toward the GOM now, so keep an eye on that possible development.
Over the last 16 weeks the delta to the 5-year average has declined by 228 Bcf.
We are doing our part to increase demand for gas by running both of our AC units most of the day, but we need hot weather to move across the eastern half of the U.S. to ramp up demand for gas. It looks like the U.S. will heat up during the last half of July. It will only take a few weeks of hot weather to push storage down to the 5-year average because we have so many more gas fired power plants than we had five years ago. There is a chance that we see draws from storage in a few weeks.
The 5-year average build for this week is 67 Bcf. Higher injections because of mild weather the last week of June and there was a rebound in supply after tropical storm Cindy moved out. More than 50 Gulf of Mexico production platforms were shut in while Cindy moved through the Gulf during the week ending June 23.
There are two tropical depressions moving toward the GOM now, so keep an eye on that possible development.
Over the last 16 weeks the delta to the 5-year average has declined by 228 Bcf.
We are doing our part to increase demand for gas by running both of our AC units most of the day, but we need hot weather to move across the eastern half of the U.S. to ramp up demand for gas. It looks like the U.S. will heat up during the last half of July. It will only take a few weeks of hot weather to push storage down to the 5-year average because we have so many more gas fired power plants than we had five years ago. There is a chance that we see draws from storage in a few weeks.