EIA Natural Gas Storage Report - July 3

[dan_s]

Working gas in storage was 3,134 Bcf as of Friday, June 28, 2024, according to EIA estimates.
This represents a net increase of 32 Bcf from the previous week.
Stocks were 275 Bcf higher than last year at this time and 496 Bcf above the five-year average of 2,638 Bcf.
At 3,134 Bcf, total working gas is above the five-year historical range.

Storage Builds have been lower than the 5-Year average 10 weeks in a row. I expect this trend to continue through August.

Storage should be back within the 5-year average by mid-July.

Late in Q3 Venture Global's big LNG export facility at Plaquemines, Louisiana should be ramping up. New Fortress' floating LNG export facility named "Altamire FLNG" is also expect to come online in Q3. Combined increase in natural gas demand for LNG export from these two is ~2.5 Bcfpd.

Cheniere's Corpus Christie LNG export facility should ramp up Train 3 in Q4.

Total U.S. LNG export design capacity should by 17.8 Bcfpd by December. Up from 14.5 Bcfpd at end of 2023.