• Tony Zelinski

EIA Natural Gas Storage Report 9-15-16


Leading up to today's EIA Natural Gas Storage report, Natural gas prices surged initially yesterday to new highs as October saw $2.978, higher by $0.069 on the day only to turn lower on the day to $2.889 or down $0.02 on the day or 0.06% on the day.

Market participants have been weighing competing factors such as smaller than expected injections into storage and forecasts of warm weather in recent weeks have buoyed prices.

But temperatures will soon drop heading into the so-called shoulder season between summer and winter. Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning.

Recap of last weeks EIA Natural Gas inventory Report.

EIA Natural Gas Storage Report 9-15-16

Working gas in storage was 3,499 Bcf as of Friday, September 9, 2016, according to EIA estimates. This represents a net increase of 62 Bcf from the previous week. Stocks were 184 Bcf higher than last year at this time and 299 Bcf above the five-year average of 3,200 Bcf. At 3,499 Bcf, total working gas is above the five-year historical range.

Analysts expected the report to show that utilities added 63 bcf of gas into storage during the week ended Sept. 9. As of 10:33 ET, natural gas futures were trading lower by 0.3% to $2.879.

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