Natural Gas Storage Report - May 24
Posted: Thu May 24, 2018 9:54 am
Working gas in storage was 1,629 Bcf as of Friday, May 18, 2018, according to EIA estimates. This represents a net increase of 91 Bcf from the previous week. Stocks were 804 Bcf less than last year at this time and 499 Bcf below the five-year average of 2,128 Bcf. At 1,629 Bcf, total working gas is within the five-year historical range.
The HOPE of natural gas storage getting back to the 5-year average before the next winter begins fades a bit more each week. Zero chance of getting back to last year's level.
Just a normal summer (June to August) should push and keep HH gas over $3.00/MMbtu (already at $2.97 today). Any extended heat wave this summer will cause a natural gas price spike.
I thought you guys needed a little cheering up today!
Trump calling off the meeting with North Korea really has no impact on energy demand.
The HOPE of natural gas storage getting back to the 5-year average before the next winter begins fades a bit more each week. Zero chance of getting back to last year's level.
Just a normal summer (June to August) should push and keep HH gas over $3.00/MMbtu (already at $2.97 today). Any extended heat wave this summer will cause a natural gas price spike.
I thought you guys needed a little cheering up today!
Trump calling off the meeting with North Korea really has no impact on energy demand.