Working gas in storage was 3,220 Bcf as of Friday, September 1, 2017, according to EIA estimates. This represents a net increase of 65 Bcf from the previous week. Stocks were 212 Bcf less than last year at this time and 15 Bcf above the five-year average of 3,205 Bcf. At 3,220 Bcf, total working gas is within the five-year historical range.
Accuracy of the oil and gas storage reports is probably reduced because of Hurricane Harvey, but no doubt demand for gas is down because of cool weather. It is very "fall like" in Houston.
Over the last 25 weeks the delta to the 5-year average has declined by 400 Bcf. There are only 10 weeks remaining in the refill season before winter heating season begins.
The 5-year average at the beginning of the heating season (mid-November) is 3,877 BCF. A storage level below 3,800 Bcf in mid-November would be quite bullish for gas prices.
Natural Gas Storage Report - Sept 7
Natural Gas Storage Report - Sept 7
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group