EIA - Natural Gas Storage Report - Mar 12
Posted: Fri Mar 13, 2020 2:04 pm
Working gas in storage was 2,043 Bcf as of Friday, March 6, 2020, according to EIA estimates. This represents a net decrease of 48 Bcf from the previous week.
Stocks were 796 Bcf higher than last year at this time and 227 Bcf above the five-year average of 1,816 Bcf.
At 2,043 Bcf, total working gas is within the five-year historical range.
We are on track to end the winter heating season with ~200 Bcf more in storage than the 5-year average.
With upstream companies slashing their drilling programs, the U.S. natural gas market should tighten up over the summer. With any luck, ngas will crawl back to over $2.50 by November.
Stocks were 796 Bcf higher than last year at this time and 227 Bcf above the five-year average of 1,816 Bcf.
At 2,043 Bcf, total working gas is within the five-year historical range.
We are on track to end the winter heating season with ~200 Bcf more in storage than the 5-year average.
With upstream companies slashing their drilling programs, the U.S. natural gas market should tighten up over the summer. With any luck, ngas will crawl back to over $2.50 by November.