EIA - Natural Gas Storage Report - April 20

[dan_s]

Working gas in storage was 1,930 Bcf as of Friday, April 14, 2023, according to EIA estimates.
This represents a net increase of 75 Bcf from the previous week.
Stocks were 488 Bcf higher than last year at this time and 329 Bcf above the five-year average of 1,601 Bcf.
At 1,930 Bcf, total working gas is within the five-year historical range.

[Fraser921]

Gas glut, imho

From Aegis

EIA reported a build of 75 Bcf for the week ending 4/14/2023. This was larger than the median estimate of 70 Bcf. Today's stat fell within the expected range, which was 77 Bcf on the more bearish end, and 64 Bcf on the more bullish end.

Prices were down in the five minutes following the announcement, to $2.184, from $2.211 just before 9:30am.

Inventories for the US are now at a surplus of 488 Bcf to last year and a surplus of 329 Bcf to the five-year average.

[dan_s]

A "glut" is when we are running out of storage space.

Current level of gas in storage is within the 5-year range. The U.S. gas market is the largest in the world, over 100 Bcf per day (over 37,000 Bcf per year). Market forces will take care of the current surplus to the 5-year average.

If your view is that we will continue to have very low gas prices, you should sell all of your gassers.