EIA Natural Gas Storage Report 1-11-24
Summary
Working gas in storage was 3,336 Bcf as of Friday, January 5, 2024, according to EIA estimates. This represents a net decrease of 140 Bcf from the previous week.
Analyst expected today’s EIA weekly storage report to show a withdrawl at about 122 Bcf.
Stocks were 436 Bcf higher than last year at this time and 348 Bcf above the five-year average of 2,988 Bcf. At 3,336 Bcf, total working gas is above the five-year historical range.
The Energy Information Administration (EIA) has reported a withdrawal of 140 billion cubic feet (Bcf) from underground storage for the week ending January 5, 2024. This is compared to an estimated withdrawal of 122 Bcf. The current inventories stand at 3,336 Bcf, which is 15% more than the same period last year and 11.6% more than the 5-year average.
A strong shot of arctic air is expected to hit much of the United States, thanks to a strongly negative AO (arctic component) and strongly negative NAO and Pacific indices (transportation component). Before this occurs, severe weather is expected across the South, with heavy rain and high winds up the East Coast to finish out this week. Arctic air will move out of the Northwest and Rockies into the Plains and Midwest this weekend, then into Texas, the South, and East early next week. However, it will have less impact the farther north you go into New England.
Chesapeake Energy has announced its plans to buy a smaller rival, Southwestern Energy, in an all-stock transaction valued at $7.4 billion. The deal would enable the second-largest natural gas producer in the United States to take the top spot. Combining the acreage owned by both companies, the pro forma company will have a current net production of about 7.9 billion cubic feet equivalent per day (Bcfepd).
Natural Gas Futures
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