EIA Natural Gas Storage Report 05-04-23
Summary
Working gas in storage was 2,063 Bcf as of Friday, April 28, 2023, according to EIA estimates. This represents a net increase of 54 Bcf from the previous week.
Analyst expected today’s EIA weekly storage report to show an injection at about 54 Bcf.
Stocks were 507 Bcf higher than last year at this time and 341 Bcf above the five-year average of 1,722 Bcf. At 2,063 Bcf, total working gas is within the five-year historical range.
The 12- and 24-month natural gas strip price remained stable from last week, settling at $2.942/Dth and $3.381/Dth respectively.
With the market firmly into the shoulder season, and no signs of summer heat forecasted yet, the prompt-month natural gas futures contract continues to trend lower.
The changes overnight continue to be in the warmer direction beginning this weekend and much of next week for the Midwest and East. The current chilly pattern will transition to an above regime next week throughout the entire East and South; allowing cooling demand to take over as the primary load and heating demand will fade away. In the West, a cool showery outlook for the next couple of days will gradually return to normal next week.
The 54 Bcf injection to the U.S. inventory undershot the historical average of 78 Bcf reported in the corresponding week over the past five years. The build also falls short of the year-ago storage injection of 72 Bcf, EIA data show.
LNG feed gas dropped to a five-week low yesterday due to repair work on compressor stations at Sabine and maintenance at Cameron, coupled with production rebounding from maintenance, prices remain under pressure with weather transitioning to the shoulder season.
Natural Gas Futures
Read more: EIA
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