EIA Natural Gas Storage Report - May 23
Posted: Thu May 23, 2024 10:27 am
Working gas in storage was 2,711 Bcf as of Friday, May 17, 2024, according to EIA estimates.
This represents a net increase of 78 Bcf from the previous week.
Stocks were 402 Bcf higher than last year at this time and 606 Bcf above the five-year average of 2,105 Bcf.
At 2,711 Bcf, total working gas is above the five-year historical range.
This is the 4th week in a row with net increases being below the 5-year average. That trend is expected to continue.
There is still work to do, but market forces and a hot start to the summer will rebalance the U.S. natural gas market.
BTW natural gas demand is much higher than it was five years ago, so more gas in storage is needed to make sure this VERY IMPORTANT supply chain is backed up by adequate gas in storage.
This represents a net increase of 78 Bcf from the previous week.
Stocks were 402 Bcf higher than last year at this time and 606 Bcf above the five-year average of 2,105 Bcf.
At 2,711 Bcf, total working gas is above the five-year historical range.
This is the 4th week in a row with net increases being below the 5-year average. That trend is expected to continue.
There is still work to do, but market forces and a hot start to the summer will rebalance the U.S. natural gas market.
BTW natural gas demand is much higher than it was five years ago, so more gas in storage is needed to make sure this VERY IMPORTANT supply chain is backed up by adequate gas in storage.