EIA - Natural Gas Storage Report - July 21

[dan_s]

Working gas in storage was 2,401 Bcf as of Friday, July 15, 2022, according to EIA estimates.
This represents a net increase of 32 Bcf from the previous week.
Stocks were 270 Bcf less than last year at this time and 328 Bcf below the five-year average of 2,729 Bcf.
At 2,401 Bcf, total working gas is within the five-year historical range.

Over the last 13 weeks (Qtr of a year) the storage build has been 30 Bcf below the 5-year average. < The U.S. consumes a lot more ngas than it did five years ago. The fact that we aren't eating into the storage deficit to the 5-year average is bullish for ngas prices.

If the Freeport LNG Export Facility is able to come back online in November (the official beginning of the winter heating season) it should push ngas prices higher.

There are now only 17 weeks remaining in the refill season. Unless the weather turns mild soon and we don't have any hurricanes enter the Gulf of Mexico over the next three months, there is zero chance of natural gas storage being near the 5-year average (3,735 Bcf) before the winter of 2022-2023 begins. La Nina is in control of the weather, and she is planning a colder than normal winter for the U.S.