• Tony Zelinski

EIA Natural Gas Storage Report 03-02-17


Natural gas wholesale contracts rose to a one-week high on Wednesday, as natural gas traders looked ahead to weekly storage data to gauge supply and demand levels. Market participants looked ahead to weekly storage data due this morning, which is expected to show a draw in a range of 4 billion cubic feet in the week ended February 24 (see more below).

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Natural gas for April delivery reached a session high of $2.824 per million British thermal units in the morning before retreating down to $2.799, up $0.025 or $0.009%, a level not seen since February 21.It was last at $2.779 by 9:40AM ET (14:40GMT), up 0.5 cents, or around 0.3%, after jumping 3% in the prior session.

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Prices of the heating fuel are down a whopping 27% so far this year as forecasts called for mostly warmer-than-normal winter weather in key regions across the U.S. Based on data from the National Oceanographic and Atmospheric Administration, this year’s extremely warm winter has pushed heating demand for natural gas to nearly 20% below average.About half of U.S. homes use natural gas for heating. Without significant demand for natural gas, inventories could stay near record levels and may even continue to pull prices even lower.

See a recap of previous weeks EIA storage reports here.

EIA Natural Gas Storage Report 03-02-17

The EIA announced today: Working gas in storage was 2,363 Bcf as of Friday, February 24, 2017, according to EIA estimates. This represents a net increase of 7 Bcf from the previous week. Stocks were 187 Bcf less than last year at this time and 295 Bcf above the five-year average of 2,068 Bcf. At 2,363 Bcf, total working gas is within the five-year historical range.

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Review a recap of previous weeks EIA Natural Gas inventory Reports.

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