EIA Natural Gas Storage Report - Aug 1

[dan_s]

Sorry for the problem with the EPG website this morning. I don't know what caused the problem, but the company that controls our website server had some problems early this morning.

EIA reported another bullish natural gas storage report this morning. Here is the summary.

Working gas in storage was 3,249 Bcf as of Friday, July 26, 2024, according to EIA estimates.
This represents a net increase of 18 Bcf from the previous week. < 17 Bcf below the 5-year average for this week.
Stocks were 252 Bcf higher than last year at this time and 441 Bcf above the five-year average of 2,808 Bcf.
At 3,249 Bcf, total working gas is within the five-year historical range. < VERY IMPORTANT that storage level is now back within the 5-year range.

Since mid-April, 13 of 14 weekly storage builds have been below the 5-year average, reducing the surplus by 216 Bcf.

Measured on Days of Demand, ngas in storage is in the bottom half of the 5-year average AND a more demand is coming soon.