EIA Natural Gas Storage Report - May 16
Posted: Thu May 16, 2024 10:16 am
Working gas in storage was 2,633 Bcf as of Friday, May 10, 2024, according to EIA estimates.
This represents a net increase of 70 Bcf from the previous week. < Increase is 19 Bcf below the 5-year average build for this week.
Stocks were 421 Bcf higher than last year at this time and 620 Bcf above the five-year average of 2,013 Bcf.
At 2,633 Bcf, total working gas is above the five-year historical range.
Still lots of work to do, but with a Hot Summer and more LNG export capacity coming online "market forces" will get the U.S. ngas market rebalanced.
Another way to look at the storage situation is that in less than 12 months U.S. LNG export capacity will be 6 Bcfpd higher to over 20 Bcfpd and a lot more ngas fired power plants will also need to be built. The U.S. will need more gas in storage to adequately support a rapidly growing U.S. gas market.
JUN24 NYMEX contract now up 5% today to $2.54/MMBtu. DEC24 contract at $3.62.
All of our gassers are very profitable if HH gas just gets back over $3.00.
This represents a net increase of 70 Bcf from the previous week. < Increase is 19 Bcf below the 5-year average build for this week.
Stocks were 421 Bcf higher than last year at this time and 620 Bcf above the five-year average of 2,013 Bcf.
At 2,633 Bcf, total working gas is above the five-year historical range.
Still lots of work to do, but with a Hot Summer and more LNG export capacity coming online "market forces" will get the U.S. ngas market rebalanced.
Another way to look at the storage situation is that in less than 12 months U.S. LNG export capacity will be 6 Bcfpd higher to over 20 Bcfpd and a lot more ngas fired power plants will also need to be built. The U.S. will need more gas in storage to adequately support a rapidly growing U.S. gas market.
JUN24 NYMEX contract now up 5% today to $2.54/MMBtu. DEC24 contract at $3.62.
All of our gassers are very profitable if HH gas just gets back over $3.00.