EIA - Natural Gas Storage Report - Aug 3
Posted: Thu Aug 03, 2023 10:01 am
Working gas in storage was 3,001 Bcf as of Friday, July 28, 2023, according to EIA estimates.
This represents a net increase of 14 Bcf from the previous week. < 21 Bcf lower than the 5-year average
Stocks were 550 Bcf higher than last year at this time and 322 Bcf above the five-year average of 2,679 Bcf.
At 3,001 Bcf, total working gas is within the five-year historical range.
We've now had two weeks in a row with storage builds significantly below the 5-year average. The next two weeks reports should also show builds well below the 5-year average. It would help if the LNG export facilities ramp up to maximum capacity.
There is still a lot of work to do, but this gives me hope that ngas prices can move over $3.00 by November.
IMO the "Right Price" for U.S. natural gas is not below $3, even with the large surplus in storage.
This represents a net increase of 14 Bcf from the previous week. < 21 Bcf lower than the 5-year average
Stocks were 550 Bcf higher than last year at this time and 322 Bcf above the five-year average of 2,679 Bcf.
At 3,001 Bcf, total working gas is within the five-year historical range.
We've now had two weeks in a row with storage builds significantly below the 5-year average. The next two weeks reports should also show builds well below the 5-year average. It would help if the LNG export facilities ramp up to maximum capacity.
There is still a lot of work to do, but this gives me hope that ngas prices can move over $3.00 by November.
IMO the "Right Price" for U.S. natural gas is not below $3, even with the large surplus in storage.