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Natural Gas Prices Hit Wall, but Narrowing Storage Surplus Trend Points to Likely Catalysts Ahead
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Natural Gas Forward Prices Surge on Heat, Lagging Production - Natural Gas Intelligence
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The natural gas storage report from the EIA for the week ending April 23rd indicated that the amount of natural gas held in underground storage in the US rose by 15 billion cubic feet to 1,898 billion cubic feet by the end of the week, which left our gas supplies 302 billion cubic feet, or 13.7% below the 2,200 billion cubic feet that were in storage on April 23rd of last year, and 40 billion cubic feet, or 2.1% below the five-year average of 1,938 billion cubic feet of natural gas that have been in storage as of the 23rd of April in recent years..the 15 billion cubic feet that were added to US natural gas storage this week was more than the average forecast of a 9 billion cubic foot addition from an S&P Global Platts survey of analysts, but measured well below the average addition of 67 billion cubic feet of natural gas that have typically been injected into natural gas storage during the same week over the past 5 years, as well as well below the 66 billion cubic feet added to natur
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Storage inventories increased 15 Bcf to 1.898 Tcf for the week-ended April 23, EIA data showed.
The build was more than the 9 Bcf addition expected by an S&P Global Platts survey of analysts, but measured well below the five-year average build of 67 Bcf, according to EIA data.
Storage volumes now stand 302 Bcf, or 13.87%, less than the year-ago level of 2.200 Tcf and 40 Bcf, or 2.1%, less than the five-year average of 1.938 Tcf.
The Midwest and Northeast drove a large share of the demand gains and on certain days inventories flipped to a net withdrawal, according to S&P Global Platts Analytics. As a result, inventories in the East region posted a 6 Bcf withdrawal compared to the five-year average build of 17 Bcf for the corresponding week.