EIA - Natural Gas Storage Report - Oct 5
Posted: Thu Oct 05, 2023 9:38 am
Working gas in storage was 3,445 Bcf as of Friday, September 29, 2023, according to EIA estimates.
This represents a net increase of 86 Bcf from the previous week.
Stocks were 357 Bcf higher than last year at this time and 172 Bcf above the five-year average of 3,273 Bcf.
At 3,445 Bcf, total working gas is within the five-year historical range.
Build of 86 Bcf was slightly below my forecast of 90 Bcf and a BIG difference to last year's build of 129 Bcf. I now believe the next two weekly reports will push the comparison to last year down to ~300 Bcf. < Just "Less Bearish" as winter approaches.
Total U.S. ngas storage capacity is ~4,200 Bcf, so there is no chance that storage will fill before winter space heating demand kicks in.
This represents a net increase of 86 Bcf from the previous week.
Stocks were 357 Bcf higher than last year at this time and 172 Bcf above the five-year average of 3,273 Bcf.
At 3,445 Bcf, total working gas is within the five-year historical range.
Build of 86 Bcf was slightly below my forecast of 90 Bcf and a BIG difference to last year's build of 129 Bcf. I now believe the next two weekly reports will push the comparison to last year down to ~300 Bcf. < Just "Less Bearish" as winter approaches.
Total U.S. ngas storage capacity is ~4,200 Bcf, so there is no chance that storage will fill before winter space heating demand kicks in.