Working gas in storage was 2,438 Bcf as of Friday, June 14, 2013, according to EIA estimates. This represents a net increase of 91 Bcf from the previous week. Stocks were 559 Bcf less than last year at this time and 47 Bcf below the 5-year average of 2,485 Bcf.
Slightly bearish. We need to start seeing lower weekly injections soon.
Natural Gas Storage Report - June 20
Natural Gas Storage Report - June 20
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Natural Gas Storage Report - June 20
From CME analyst:
I am maintaining my Nat Gas view to neutral and downgrading my bias back to neutral based on a less supportive short term temperature forecast. The fundamental picture seems to be starting to shift back to a more neutral mode.
Thursday's EIA report was neutral versus the market consensus but bearish versus last year and compared to the five year average. The report showed a net injection that was slightly below the market consensus but greater than last year and the five year average net injection for the same period. The 91 BCF injection (above normal for this time of the year) was only 4 BCF less than the market consensus calling for an injection of around 95 BCF. The build of 91 BCF was equal to my model forecast (91 BCF injection) this week. The year over year inventory situation remains in a deficit position versus last year but has narrowed once again this week with the deficit versus the more normal five year average also narrowing. The current inventory deficit came in at 47 BCF versus the normal five year average or about a negative 1.9 percent.
This week's 91 BCF injection compares to a 63 BCF injection into inventory last year and an injection for the five year average of 80 BCF for the same week.
I am maintaining my Nat Gas view to neutral and downgrading my bias back to neutral based on a less supportive short term temperature forecast. The fundamental picture seems to be starting to shift back to a more neutral mode.
Thursday's EIA report was neutral versus the market consensus but bearish versus last year and compared to the five year average. The report showed a net injection that was slightly below the market consensus but greater than last year and the five year average net injection for the same period. The 91 BCF injection (above normal for this time of the year) was only 4 BCF less than the market consensus calling for an injection of around 95 BCF. The build of 91 BCF was equal to my model forecast (91 BCF injection) this week. The year over year inventory situation remains in a deficit position versus last year but has narrowed once again this week with the deficit versus the more normal five year average also narrowing. The current inventory deficit came in at 47 BCF versus the normal five year average or about a negative 1.9 percent.
This week's 91 BCF injection compares to a 63 BCF injection into inventory last year and an injection for the five year average of 80 BCF for the same week.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group