Energy Prospectus

Working gas in storage was 3,241 Bcf as of Friday, July 24, 2020, according to EIA estimates. This represents a net increase of 26 Bcf from the previous week. < 8 Bcf below 5-yr ave.
Stocks were 626 Bcf higher than last year at this time and 429 Bcf above the five-year average of 2,812 Bcf.
At 3,241 Bcf, total working gas is within the five-year historical range.

This is the 4th week in a row that the storage build has been below the 5-year average. That trend should continue as demand for power generation remains high, exports are increasing and U.S. gas production is drifting lower. The last week of July is usually the lowest build of the summer, but this year the builds are not likely to increase in August due to lack of gas well completions.

Overall market selloff today is keeping a lid on oil & gas prices.

President Trump announced a pair of energy initiatives as he stood before a Texas oil rig yesterday, courting an oil and gas industry reeling from the coronavirus as polls suggest a close race this November in a reliably red state. Trump, who raised $7 million for his campaign and other Republicans before arriving at Midland's Double Eagle Energy Holdings III LLC's Rig No. 43 in West Texas, said to applause that he had signed orders extending certain exports of U.S. liquefied natural gas through 2050 and allowing exports of Texas crude to Mexico.