EIA - Natural Gas Storage Report - Nov 14
Posted: Thu Nov 14, 2019 11:48 am
Working gas in storage was 3,732 Bcf as of Friday, November 8, 2019, according to EIA estimates. This represents a net increase of 3 Bcf from the previous week.
Stocks were 491 Bcf higher than last year at this time and 2 Bcf above the five-year average of 3,730 Bcf.
At 3,732 Bcf, total working gas is within the five-year historical range.
We should see a draw from storage of at least 50 Bcf and maybe up to 100 Bcf when EIA reports gas storage for the week ending November 15.. Winter heating starting a week early this year. This week's cold blast will push storage 50 to 100 Bcf below the 5-year average on November 15, which is when winter heating usually starts for real.
As was discussed at yesterday's EPG luncheon in Houston, the near-term outlook for natural gas and NGL prices has improved. In addition to an early start to winter, there are more exports to Mexico via pipeline and more LNG export facilities ramping up. But after the winter heating season the U.S. gas market will be over-supplied. The good news is that when natural gas dips under $2.50/MMBtu it starts to compete even more with coal for power generation.
Stocks were 491 Bcf higher than last year at this time and 2 Bcf above the five-year average of 3,730 Bcf.
At 3,732 Bcf, total working gas is within the five-year historical range.
We should see a draw from storage of at least 50 Bcf and maybe up to 100 Bcf when EIA reports gas storage for the week ending November 15.. Winter heating starting a week early this year. This week's cold blast will push storage 50 to 100 Bcf below the 5-year average on November 15, which is when winter heating usually starts for real.
As was discussed at yesterday's EPG luncheon in Houston, the near-term outlook for natural gas and NGL prices has improved. In addition to an early start to winter, there are more exports to Mexico via pipeline and more LNG export facilities ramping up. But after the winter heating season the U.S. gas market will be over-supplied. The good news is that when natural gas dips under $2.50/MMBtu it starts to compete even more with coal for power generation.