EIA Weekly Natural Gas Storage Report - Jan 8
Posted: Wed Jan 08, 2025 3:05 pm
This one came out at noon today, a day earlier than normal.
Working gas in storage was 3,373 Bcf as of Friday, January 3, 2025, according to EIA estimates.
This represents a net decrease of 40 Bcf from the previous week. < This much lower than normal draw was expected.
Stocks were 3 Bcf less than last year at this time and 207 Bcf above the five-year average of 3,166 Bcf.
At 3,373 Bcf, total working gas is within the five-year historical range.
The next four weekly draws will be MUCH HIGHER.
Here is what the next four draws should be close to. The first three are from CelsiusEnergy and the last one is my Wild Ass Guess just by looking at the Chicago long-range forecast.
Week ending
> Jan 10: 254 Bcf (123 Bcf higher than the 5-year average)
> Jan 17: 262 Bcf (86 Bcf higher than the 5-year average) < Wiping out the surplus to the 5-year average.
> Jan 24: 216 Bcf (29 Bcf higher than the 5-year average)
> Jan 31: 200 Bcf (59 Bcf higher than the 5-year average) < If so, NGas in storage will be 90 Bcf BELOW THE 5 YEAR AVERAGE at the end of January.
Unless the weather in the eastern U.S. is extremely mild during February and March, we will end this winter heating season with storage below the 5 year average. A year ago, storage was almost 700 Bcf above the 5-year average at the beginning of April. Keep in mind that the U.S. is now exporting close to 5 Bcfpd more LNG than in Q1 2024.
Working gas in storage was 3,373 Bcf as of Friday, January 3, 2025, according to EIA estimates.
This represents a net decrease of 40 Bcf from the previous week. < This much lower than normal draw was expected.
Stocks were 3 Bcf less than last year at this time and 207 Bcf above the five-year average of 3,166 Bcf.
At 3,373 Bcf, total working gas is within the five-year historical range.
The next four weekly draws will be MUCH HIGHER.
Here is what the next four draws should be close to. The first three are from CelsiusEnergy and the last one is my Wild Ass Guess just by looking at the Chicago long-range forecast.
Week ending
> Jan 10: 254 Bcf (123 Bcf higher than the 5-year average)
> Jan 17: 262 Bcf (86 Bcf higher than the 5-year average) < Wiping out the surplus to the 5-year average.
> Jan 24: 216 Bcf (29 Bcf higher than the 5-year average)
> Jan 31: 200 Bcf (59 Bcf higher than the 5-year average) < If so, NGas in storage will be 90 Bcf BELOW THE 5 YEAR AVERAGE at the end of January.
Unless the weather in the eastern U.S. is extremely mild during February and March, we will end this winter heating season with storage below the 5 year average. A year ago, storage was almost 700 Bcf above the 5-year average at the beginning of April. Keep in mind that the U.S. is now exporting close to 5 Bcfpd more LNG than in Q1 2024.