Natural Gas Storage Report - Nov 2
Posted: Thu Nov 02, 2017 11:01 am
Working gas in storage was 3,775 Bcf as of Friday, October 27, 2017, according to EIA estimates. This represents a net increase of 65 Bcf from the previous week. Stocks were 180 Bcf less than last year at this time and 41 Bcf below the five-year average of 3,816 Bcf. At 3,775 Bcf, total working gas is within the five-year historical range.
Draws from storage will begin in a couple of weeks with 50-100 Bcf less gas in storage than the 5-year average.
Next week's report (for the week ending November 3) should be the last build in storage. 5-year average builds for the next two weeks are 41 Bcf and 6 Bcf. Draws usually begin the 3rd week of November.
The weather outlook for November is bullish for natural gas. The coldest air on the planet is sitting up in Western Canada.
See the daily weather update at https://www.weatherbell.com/premium/
Draws from natural gas storage from mid-November through the end of December are key to where gas prices go in the short-term and key to where they remain for all of 2018. Refilling storage from April to October is part of annual gas demand. So, if gas in storage is way below the 5-year average at the end of March it can support higher prices all year.
Draws from storage will begin in a couple of weeks with 50-100 Bcf less gas in storage than the 5-year average.
Next week's report (for the week ending November 3) should be the last build in storage. 5-year average builds for the next two weeks are 41 Bcf and 6 Bcf. Draws usually begin the 3rd week of November.
The weather outlook for November is bullish for natural gas. The coldest air on the planet is sitting up in Western Canada.
See the daily weather update at https://www.weatherbell.com/premium/
Draws from natural gas storage from mid-November through the end of December are key to where gas prices go in the short-term and key to where they remain for all of 2018. Refilling storage from April to October is part of annual gas demand. So, if gas in storage is way below the 5-year average at the end of March it can support higher prices all year.