EIA Natural Gas Storage Report 09-21-23
Summary
Working gas in storage was 3,269 Bcf as of Friday, September 15, 2023, according to EIA estimates. This represents a net increase of 64 Bcf from the previous week.
Analyst expected today’s EIA weekly storage report to show an injection at about 64 Bcf.
Stocks were 410 Bcf higher than last year at this time and 183 Bcf above the five-year average of 3,086 Bcf. At 3,269 Bcf, total working gas is within the five-year historical range.
Prompt-month NYMEX natural gas was trading at $2.69/MMbtu in morning trading, down $0.042/MMbtu as of 11:00 a.m. ET.
The EIA reported an injection of 64 Bcf into underground storage for the week ending September 15, 2023, in line with the estimated injection of 64 Bcf.
Inventories are 3,269 Bcf, 410 Bcf or 14.3% more than the same period last year, and 183 Bcf or 5.9% more than the 5-year average.
We had another small demand loss overnight with cooler trends seen across much of the mid-con and East. Stronger mid-con and southern warmth will continue to add some late-season cooling demand through this weekend while the East will lean closer to normal along with belows out West. The pattern next week continues to feature persisting above-normal temperatures across the central U.S. while both coasts will remain closer to normal.
NYMEX Futures plunged after a two day rally due to mild weather, strong production and an announcement by the Natural Gas Pipeline Company of America (NGPL) that it delayed maintenance previously planned for the fall. NGPL posted to its electronic bulletin board
Tuesday afternoon that a series of planned hydro test dates on its Louisiana No. 2 Line were “postponed until further notice.”
Natural Gas Futures
Read more: EIA
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