EIA Natural Gas Storage Report 06-08-23
Summary
Working gas in storage was 2,550 Bcf as of Friday, June 2, 2023, according to EIA estimates. This represents a net increase of 104 Bcf from the previous week.
Analyst expected today’s EIA weekly storage report to show an injection at about 114 Bcf.
Stocks were 562 Bcf higher than last year at this time and 353 Bcf above the five-year average of 2,197 Bcf. At 2,550 Bcf, total working gas is within the five-year historical range.
Prompt-month NYMEX natural gas was trading at $2.316/MMbtu in morning trading, down $0.013/MMbtu as of 11:00 a.m. ET.
The EIA reported an injection of 104 Bcf into underground storage for the week ending June 2, 2023, vs. an estimated injection of 114 Bcf.
Reclassifications from working gas to base gas resulted in decreased working gas stocks of 14 Bcf in the Nonsalt South Central region for the week ending June 2, 2023. The implied flow for the week is an increase of 118 Bcf to working gas stocks.
Inventories are 2,550 Bcf, 562 Bcf or 28.3% more than the same period last year, and 353 Bcf or 16.1% more than the 5-year average.
The hazardous air quality will remain over the Northeastern quarter of the U.S. through the weekend as the northwest flow continues to bring smoke mixing with local particulates into the region. This will also keep temperatures below normal most of the time through next week. Temperatures and cooling demand in the South will start to come up a bit next week, averaging a bit above normal for the 6-10 day period. In the West, temperatures in the Northwest will continue to average above to much above through early next week, then return to normal by the end of the 10-day period.
Amid low natural gas prices and increased coal-fired generator retirements, U.S. power generation from gas this past winter was the highest on record and is expected to be 3% higher this summer than last summer, the Energy Information Administration said June 7th.
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