EIA Natural Gas Storage Report 02-09-23
Summary
Working gas in storage was 2,366 Bcf as of Friday, February 3, 2023, according to EIA estimates. This represents a net decrease of 217 Bcf from the previous week.
Analyst expected today’s EIA weekly storage report to show a decrease at about 197 Bcf.
Stocks were 233 Bcf higher than last year at this time and 117 Bcf above the five-year average of 2,249 Bcf. At 2,366 Bcf, total working gas is within the five-year historical range.
Following five, consecutively bearish storage reports from EIA, the draw on US stocks outpace the five-year average drawdown of 171 Bcf for the first time since late December. This week’s draw, though, undershot the 228 Bcf withdrawal, reported in the corresponding week last year.
Inventories are 2,366 Bcf, 233 Bcf or 10.9% more than the same period last year, and 117 Bcf or 5.2% more than the 5-year average.
A quick-moving cold shot will bring below-normal temperatures tomorrow into the weekend from Texas across the South, while temperatures in the Midwest and East continue to average above normal. A surge of much above normal weather is likely early to mid-next week, with highs in the 50s and 60s in the Midwest and East, 70s and a few 80s in the South. Another cool-down will reach the Midwest later next week and push into the East and South knocking temperatures back down. Chilly and below-normal temperatures this weekend and much of next week will encompass the interior West and Rockies, while coastal areas are closer to normal.
Temperatures across the United States in January were the mildest since 2006, which reduced consumption of natural gas for space heating and significantly changed our forecast for natural gas markets in the coming months according to the EIA’s Short-Term Energy Outlook (STEO).
From December to January, percentage returns for many gas producers fell by double digits, tracking a steep decline in Henry Hub gas prices, according to a recent analysis by S&P Global Commodity Insights. Over the same period, the U.S. rig count appears to have peaked, settling into a gradual decline recently – mostly reflecting a drop in rig activity across the smallest, and likely least profitable, basins.
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