EIA - Natural Gas Storage Report - Sept 3
Posted: Thu Sep 03, 2020 10:40 am
Working gas in storage was 3,455 Bcf as of Friday, August 28, 2020, according to EIA estimates. This represents a net increase of 35 Bcf from the previous week.
Stocks were 538 Bcf higher than last year at this time and 407 Bcf above the five-year average of 3,048 Bcf.
At 3,455 Bcf, total working gas is above the five-year historical range.
Aegis Energy: "EIA reported a build of 35 Bcf for the week ending 8/28/2020. This was smaller than the median estimate of 36 Bcf. Today’s stat fell within the expected range, which was 43 Bcf on the more bearish end, and 29 Bcf on the more bullish end. Prices were unchanged in the five minutes following the announcement, to $2.531, from $2.531 just before 9:30am."
The 5-year average for the last week of August is a build of 66 Bcf. Next week's build should also be below the 5-year average because of Hurricane Laura shut-ins and hot weather across the South.
Over the last 13 weeks (1 qtr of the year) the storage builds have been 21 Bcf lower than the 5-year average. < This is bullish.
The risk of storage filling before the winter heating season draws begin is very small, but it does still exist if we have a cool September & October. Storage builds peak in mid-October.
Stocks were 538 Bcf higher than last year at this time and 407 Bcf above the five-year average of 3,048 Bcf.
At 3,455 Bcf, total working gas is above the five-year historical range.
Aegis Energy: "EIA reported a build of 35 Bcf for the week ending 8/28/2020. This was smaller than the median estimate of 36 Bcf. Today’s stat fell within the expected range, which was 43 Bcf on the more bearish end, and 29 Bcf on the more bullish end. Prices were unchanged in the five minutes following the announcement, to $2.531, from $2.531 just before 9:30am."
The 5-year average for the last week of August is a build of 66 Bcf. Next week's build should also be below the 5-year average because of Hurricane Laura shut-ins and hot weather across the South.
Over the last 13 weeks (1 qtr of the year) the storage builds have been 21 Bcf lower than the 5-year average. < This is bullish.
The risk of storage filling before the winter heating season draws begin is very small, but it does still exist if we have a cool September & October. Storage builds peak in mid-October.