EIA - Natural Gas Storage Report - Dec 28
Posted: Thu Dec 28, 2023 11:41 am
Working gas in storage was 3,490 Bcf as of Friday, December 22, 2023, according to EIA estimates.
This represents a net decrease of 87 Bcf from the previous week. < Same as the previous week, so I think this is just EIA's "guess" for this week.
Stocks were 348 Bcf higher than last year at this time and 316 Bcf above the five-year average of 3,174 Bcf.
At 3,490 Bcf, total working gas is within the five-year historical range.
Next week's report for the week ending December 29th should show a draw that exceeds the 5-year average draw of 100 Bcf. In January, I expect total draws to be close to 1,000 Bcf.
The 10 day weather forecast from the Weather Channel can be found here: https://weather.com/maps/tendayforecast
It shows a much colder start to January 2024 in the Eastern US than we had last year. Joe Bastardi at Weatherbell.com is forecasting much colder than normal weather in the Eastern U.S. for both January and February 2024. Keep an eye on the Chicago 10-day forecast. Chicago is the "Bull's Eye" for natural gas demand for space heating.
Q1 2023 weather was extremely mild in the Eastern U.S. and January 2023 draws from storage were ~300 Bcf below normal for the month. Just a normal January, should push ngas inventories below where they were last year by the end of January 2024. If so, I expect HH gas prices to move over $3.00 heading into February. Just a normal Q1 winter should push inventories back to the 5-year average by April 2024.
This represents a net decrease of 87 Bcf from the previous week. < Same as the previous week, so I think this is just EIA's "guess" for this week.
Stocks were 348 Bcf higher than last year at this time and 316 Bcf above the five-year average of 3,174 Bcf.
At 3,490 Bcf, total working gas is within the five-year historical range.
Next week's report for the week ending December 29th should show a draw that exceeds the 5-year average draw of 100 Bcf. In January, I expect total draws to be close to 1,000 Bcf.
The 10 day weather forecast from the Weather Channel can be found here: https://weather.com/maps/tendayforecast
It shows a much colder start to January 2024 in the Eastern US than we had last year. Joe Bastardi at Weatherbell.com is forecasting much colder than normal weather in the Eastern U.S. for both January and February 2024. Keep an eye on the Chicago 10-day forecast. Chicago is the "Bull's Eye" for natural gas demand for space heating.
Q1 2023 weather was extremely mild in the Eastern U.S. and January 2023 draws from storage were ~300 Bcf below normal for the month. Just a normal January, should push ngas inventories below where they were last year by the end of January 2024. If so, I expect HH gas prices to move over $3.00 heading into February. Just a normal Q1 winter should push inventories back to the 5-year average by April 2024.