Working gas in storage was 3,253 Bcf as of Friday, September 6, 2013, according to EIA estimates. This represents a net increase of 65 Bcf from the previous week. Stocks were 172 Bcf less than last year at this time and 46 Bcf above the 5-year average of 3,207 Bcf.
Slightly bullish:
> Injection lower than same week last year
> Many analysts were expecting a much higher injection. I saw one report forecasting 90 bcf based on weather.
Natural Gas Storage Report - Sept 12
Natural Gas Storage Report - Sept 12
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Natural Gas Storage Report - Sept 12
From CME Group:
The crude oil complex meandered higher throughout the US morning hours, with upside leadership coming in RBOB gasoline. It seemed that doubts over a quick remedy to the Syrian conflict are taking a more pronounced effect on the market and injecting a modest fear premium back into prices. It is possible that reports of a refinery glitch in Louisiana and spike in regional cash gasoline prices lent an added source of support to RBOB gasoline. Meanwhile, October Natural Gas prices grinded lower into this morning's EIA storage report but took a sharp turn higher in the moments following. The weekly natural gas storage report showed an injection of 65 bcf, which brought total storage to 3,253 bcf or 1.4% above the 5 year average. Some in the market were expecting the injection to come in a little larger. Over the last four weeks natural gas storage has increased 247 bcf.
The crude oil complex meandered higher throughout the US morning hours, with upside leadership coming in RBOB gasoline. It seemed that doubts over a quick remedy to the Syrian conflict are taking a more pronounced effect on the market and injecting a modest fear premium back into prices. It is possible that reports of a refinery glitch in Louisiana and spike in regional cash gasoline prices lent an added source of support to RBOB gasoline. Meanwhile, October Natural Gas prices grinded lower into this morning's EIA storage report but took a sharp turn higher in the moments following. The weekly natural gas storage report showed an injection of 65 bcf, which brought total storage to 3,253 bcf or 1.4% above the 5 year average. Some in the market were expecting the injection to come in a little larger. Over the last four weeks natural gas storage has increased 247 bcf.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Natural Gas Storage Report - Sept 12
From CME Group's top oil & gas analyst:
"This week the EIA will release its inventory on Thursday, September 19th at 10:30 am. This week I am projecting an under performance of the injection level into inventory of 55 BCF. My projection for this week is shown in the following table and is based on a week that experienced some above normal temperatures over a major portion of the US during the report period. My projection compares to last year's net injection of 61 BCF and the normal five year net injection for the same week of 74 BCF. Bottom line the inventory deficit will widen this week versus last year while the surplus compared to the so called normal five year average will narrow if the actual numbers are in sync with my projections. This week's net injection will be supportive when compared to the historical data."
"This week the EIA will release its inventory on Thursday, September 19th at 10:30 am. This week I am projecting an under performance of the injection level into inventory of 55 BCF. My projection for this week is shown in the following table and is based on a week that experienced some above normal temperatures over a major portion of the US during the report period. My projection compares to last year's net injection of 61 BCF and the normal five year net injection for the same week of 74 BCF. Bottom line the inventory deficit will widen this week versus last year while the surplus compared to the so called normal five year average will narrow if the actual numbers are in sync with my projections. This week's net injection will be supportive when compared to the historical data."
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group