EIA Natural Gas Storage Report 06-15-23
Summary
Working gas in storage was 2,634 Bcf as of Friday, June 9, 2023, according to EIA estimates. This represents a net increase of 84 Bcf from the previous week.
Analyst expected today’s EIA weekly storage report to show an injection at about 95 Bcf.
Stocks were 552 Bcf higher than last year at this time and 353 Bcf above the five-year average of 2,281 Bcf. At 2,634 Bcf, total working gas is within the five-year historical range.
The 12- and 24-month natural gas strip prices remained stable from last week, settling at $3.023/Dth and $3.384/Dth respectively.
The EIA reported an 84 Bcf injection which is lower than expectations of 95 Bcf. Inventory is now 552 Bcf above last year and 353 Bcf above the 5-yr average.
The International Energy Agency recently stated that solar was set to overtake the amount of investment going into oil production for the first time. The IEA’s World Energy Investment report said solar investments were expected to attract over $1 billion a day in 2023. For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy – a jump from a one-to-one ratio just five years ago.
A perturbation in the jet stream proximate to the East Coast will result in an active weather pattern, with several opportunities for precipitation and temperatures that are near to below average through the upcoming week. In Texas, temperatures will continue to rise throughout the weekend, and cooling demand is projected to exceed normal levels through the end of the month, with highs reaching 100°F in most cities next week. The Midwest will experience warm and pleasant weather until early next week, with model projections indicating slightly warmer temperatures for the 11-15 day period. In the West, temperatures are expected to remain near to below average throughout the region for the next week. Cooling demand in California and the Desert Southwest will be somewhat below normal due to a dominant Pacific flow that maintains persistent marine cloud cover near coastal areas.
Natural Gas Futures
Read more: EIA
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