EiA - Weekly Natural Gas Storage Report - Sept 19
Posted: Thu Sep 19, 2019 10:38 am
Working gas in storage was 3,103 Bcf as of Friday, September 13, 2019, according to EIA estimates. This represents a net increase of 84 Bcf from the previous week.
Stocks were 393 Bcf higher than last year at this time and 75 Bcf below the five-year average of 3,178 Bcf.
At 3,103 Bcf, total working gas is within the five-year historical range.
The increase in storage was 1 Bcf lower than my forecast, but higher than what the "experts" on Wall Street expected. So, the October NYMEX contract for gas dipped 9 cents.
We are now in the fall "Shoulder Season" when the storage increases ALWAYS go up. The next five weeks should see builds of ~90 Bcf per week. After mid-October, the weekly builds will steadily decline and the week ending November 15 should be the last build. The winter heating season "officially" begins mid-November, but Mother Nature decides when it really begins.
There is plenty of room in storage. Over the next nine weeks we need to see about 800 Bcf added to storage. The U.S. needs approximately 3,800 Bcf in storage by mid-November to make it through a cold winter.
Stocks were 393 Bcf higher than last year at this time and 75 Bcf below the five-year average of 3,178 Bcf.
At 3,103 Bcf, total working gas is within the five-year historical range.
The increase in storage was 1 Bcf lower than my forecast, but higher than what the "experts" on Wall Street expected. So, the October NYMEX contract for gas dipped 9 cents.
We are now in the fall "Shoulder Season" when the storage increases ALWAYS go up. The next five weeks should see builds of ~90 Bcf per week. After mid-October, the weekly builds will steadily decline and the week ending November 15 should be the last build. The winter heating season "officially" begins mid-November, but Mother Nature decides when it really begins.
There is plenty of room in storage. Over the next nine weeks we need to see about 800 Bcf added to storage. The U.S. needs approximately 3,800 Bcf in storage by mid-November to make it through a cold winter.