EIA Natural Gas Storage Report - May 9
Posted: Thu May 09, 2024 10:40 am
Working gas in storage was 2,563 Bcf as of Friday, May 3, 2024, according to EIA estimates.
This represents a net increase of 79 Bcf from the previous week. < 10 Bcf lower than 5-year average build for this week.
Stocks were 444 Bcf higher than last year at this time and 640 Bcf above the five-year average of 1,923 Bcf.
At 2,563 Bcf, total working gas is above the five-year historical range.
Still lots of work to do, but the next four weekly builds should be less than the large storage builds reported in May 2023.
We need a Hot Summer and increasing LNG exports to rebalance the U.S. gas market.
This represents a net increase of 79 Bcf from the previous week. < 10 Bcf lower than 5-year average build for this week.
Stocks were 444 Bcf higher than last year at this time and 640 Bcf above the five-year average of 1,923 Bcf.
At 2,563 Bcf, total working gas is above the five-year historical range.
Still lots of work to do, but the next four weekly builds should be less than the large storage builds reported in May 2023.
We need a Hot Summer and increasing LNG exports to rebalance the U.S. gas market.