EIA Natural Gas Storage Report - Apr 3

[dan_s]

Working gas in storage was 1,773 Bcf as of Friday, March 28, 2025, according to EIA estimates.
This represents a net increase of 29 Bcf from the previous week.

Stocks were 491 Bcf less than last year at this time and 80 Bcf below the five-year average of 1,853 Bcf.
At 1,773 Bcf, total working gas is within the five-year historical range.
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Storage builds have been much larger than expected in March, but weather forecasts (if accurate) show that we should have a much smaller build than the five year average for the week ending April 11.

Weather during March & April can be all over the place and so can natural gas demand for space heating.

Hang tough with the "Gassers" because all of the "Political Noise" does not have as much impact on the U.S. natural gas market as it does on the Global Oil Market.

Trading Economics at 11:30AM ET:
"US natural gas futures rose to $4.15/MMBtu, the highest in two weeks, due to lower production and higher demand forecasts.
> Daily gas output in the Lower 48 is expected to fall to a five-week low of 104.6 bcfd on Thursday.
> Also, demand, including exports, is expected to rise from 103.7 bcfd this week to 106.4 bcfd next week.
> Still, EIA data showed US utilities continued adding gas to storage for a third straight week. < Keep in mind that natural goes to storage because someone directs it to go to storage. My "gut" tells me that the utilities are taking physical delivery and sending it to storage in an effort to avoid the big price spike that happened to them in August 2022. If the utilities and the LNG exporters are already going long in the futures market it is because they see how tight the U.S. gas market is going to be in a few months.
> Also, LNG exports hit a record high of 15.8 bcfd in March.
> Gas prices climbed even as oil futures fell 7% over fears that Trump’s new tariffs could slow economic growth, while OPEC+ continues increasing oil supply.

[dan_s]

The Gassers should also report 10% to 15% higher realized NGL prices in Q1 2025 than they did in Q4 2024

See propane price chart here: https://tradingeconomics.com/commodity/propane