Working gas in storage was 2,034 Bcf as of Friday, March 13, 2020, according to EIA estimates. This represents a net decrease of 9 Bcf from the previous week.
Stocks were 878 Bcf higher than last year at this time and 281 Bcf above the five-year average of 1,753 Bcf.
At 2,034 Bcf, total working gas is within the five-year historical range.
Obviously this is bad news for the gassers, but sharp reduction in well completions this year should eliminate a chance of gas storage filling this year. As I pointed out in the newsletter, EIA is now forecasting a decline in U.S.natural gas production in 2H2020.
EIA - Natural Gas Storage Report - Mar 19
EIA - Natural Gas Storage Report - Mar 19
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group