EIA - Natural Gas Storage Report - Feb 6

[dan_s]

Working gas in storage was 2,609 Bcf as of Friday, January 31, 2020, according to EIA estimates.
This represents a net decrease of 137 Bcf from the previous week.
Stocks were 615 Bcf higher than last year at this time and 199 Bcf above the five-year average of 2,410 Bcf.
At 2,609 Bcf, total working gas is within the five-year historical range.

There is not a "glut" of gas in storage because the U.S.consumes a lot more natural gas than it did five years ago. However, there is ample supply to make it through even a cold February and March. The only thing that might push ngas over $2.00 is a colder than normal April.

I am expecting all of the Marcellus "gassers" to go into "hunker down" phase and do only maintenance drilling. This should help heading into next winter.

Earthstone Energy (ESTE) will be replacing Antero Resources (AR) in the Sweet 16.