EIA Natural Gas Storage Report - Aug 8
Posted: Thu Aug 08, 2024 6:06 pm
Working gas in storage was 3,270 Bcf as of Friday, August 2, 2024, according to EIA estimates.
This represents a net increase of 21 Bcf from the previous week. < 5-year average for this week is a build of 49 Bcf
Stocks were 248 Bcf higher than last year at this time and 424 Bcf above the five-year average of 2,846 Bcf.
At 3,270 Bcf, total working gas is within the five-year historical range.
For 14 of the 15 since April 19th the builds have been lower than the 5-year average. During the 15 weeks the surplus to the 5-year average has declined by 244 BCF. < That is an average of 16.3 BCF per week below the 5-year average builds.
There are 14 weeks remaining in the refill season. 14 X 16.3 = 228 Bcf.
So, if the trend continues, U.S natural gas in storage will be less than 200 Bcf above the 5-year average AND we will have a lot more LNG export capacity on line by year-end.
There is still work to do, but market forces will rebalance the U.S. natural gas market.
This represents a net increase of 21 Bcf from the previous week. < 5-year average for this week is a build of 49 Bcf
Stocks were 248 Bcf higher than last year at this time and 424 Bcf above the five-year average of 2,846 Bcf.
At 3,270 Bcf, total working gas is within the five-year historical range.
For 14 of the 15 since April 19th the builds have been lower than the 5-year average. During the 15 weeks the surplus to the 5-year average has declined by 244 BCF. < That is an average of 16.3 BCF per week below the 5-year average builds.
There are 14 weeks remaining in the refill season. 14 X 16.3 = 228 Bcf.
So, if the trend continues, U.S natural gas in storage will be less than 200 Bcf above the 5-year average AND we will have a lot more LNG export capacity on line by year-end.
There is still work to do, but market forces will rebalance the U.S. natural gas market.