EIA - Natural Gas Storage Report - Sept 17

[dan_s]

Working gas in storage was 3,614 Bcf as of Friday, September 11, 2020, according to EIA estimates. This represents a net increase of 89 Bcf from the previous week.
Stocks were 535 Bcf higher than last year at this time and 421 Bcf above the five-year average of 3,193 Bcf.
At 3,614 Bcf, total working gas is above the five-year historical range.

The larger than expected build pushed the front month October futures contract down to $2.04 while the December futures contract is still trading at $3.10.

[dan_s]

By Michael Bellusci
(Bloomberg) -- Natural gas is the “best set-up we’ve seen
in many, many years,” Northland analysts led by Subash Chandra
wrote in a note.
* Says the outlook for depressed supply, colder weather and
recovery in exports has solidified
* Renewables not seen as a threat
* “We don’t see what capsizes the rally this time, as long as
producers maintain supply discipline”: Northland
* Gas E&Ps yet to reflect the bullish outlook; stocks have only
bounced from near all-time lows
* Rates AR, COG, SWN market perform; RRC outperform
* Separately, Bloomberg Intelligence sees a temperate heating
season, but upside risk to benchmarks and cash flow on falling
output
** Also says storage may approach 1.7tcf at winter’s end without
Mother Nature’s help