Natural Gas Storage Report - Sept 29
Posted: Thu Sep 29, 2016 10:12 am
The 5-year average increase in storage for this week is 97 Bcf.
Working gas in storage was 3,600 Bcf as of Friday, September 23, 2016, according to EIA estimates. This represents a net increase of 49 Bcf from the previous week. Stocks were 90 Bcf higher than last year at this time and 220 Bcf above the five-year average of 3,380 Bcf. At 3,600 Bcf, total working gas is above the five-year historical range.
This report is very bullish. The increase in storage was ~50% of the 5-year average. We've now had 21 weeks in a row where the builds in storage have been significantly below the 5-year average. During the last 21 weeks, the difference to the 5-year average has dropped by 618 Bcf (4.2 Bcf per day).
By the end of October gas in storage s/b below where it was last year. By the end of November, storage will be at or below the 5-year average AND demand for natural gas is ~8 Bcf per day higher than it was 5 years ago.
I will comment more on this situation at our luncheon tomorrow at The Hess Club. PLEASE register if you plan to attend.
Working gas in storage was 3,600 Bcf as of Friday, September 23, 2016, according to EIA estimates. This represents a net increase of 49 Bcf from the previous week. Stocks were 90 Bcf higher than last year at this time and 220 Bcf above the five-year average of 3,380 Bcf. At 3,600 Bcf, total working gas is above the five-year historical range.
This report is very bullish. The increase in storage was ~50% of the 5-year average. We've now had 21 weeks in a row where the builds in storage have been significantly below the 5-year average. During the last 21 weeks, the difference to the 5-year average has dropped by 618 Bcf (4.2 Bcf per day).
By the end of October gas in storage s/b below where it was last year. By the end of November, storage will be at or below the 5-year average AND demand for natural gas is ~8 Bcf per day higher than it was 5 years ago.
I will comment more on this situation at our luncheon tomorrow at The Hess Club. PLEASE register if you plan to attend.