• Tony Zelinski

EIA Natural Gas Storage Report 03-22-18


Natural gas wholesale contracts fell yesterday after the nor’easter failed to ignite natural gas prices on Wednesday. The April wholesale natural gas contract settled at $2.638, down $0.037 or -1.37%.

Going into this storage report, a Reuters survey of traders and analysts pegged the average at -87 Bcf with a range of -77 Bcf to -99 Bcf.

The first week of April is projected to be colder than normal with HDDs higher for the first five days. The end result is that storage is now expected to be 1.324 Tcf by April 6.

According to the latest forecast from the National Oceanic and Atmospheric Administration, warmer-than-normal weather for much of the country from April through June could dominate the trade. This should hold natural gas prices in a range during that time period, but could fuel a strong short-covering rally if it leads to increased demand.

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Early estimates for the week ending March 16 ranged from withdrawals of 80 bcf to 101 bcf, with an average decline of 91 bcf. That compares with a decline of 137 bcf for the same week last year and a five-year average decline for the week of 53 bcf.

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See a recap of previous weeks EIA storage reports here.

EIA Natural Gas Storage Report 03-22-18

The 12- and 24-month strip prices decreased from last week, settling at $2.836/dth and $2.804/dth. The EIA reported a natural gas withdrawal of 86 bcf which is line with expectations of 87 bcf. The inventory is now 667 bcf lower than last year and 329 bcf lower than the 5-yr average. The NYMEX April natural gas futures contract inched lower by 3.7 cents Wednesday as shoulder season is set to tighten its grip on the US market in the coming weeks, pulling demand lower across the nation.

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After the release of the report, total U.S. natural gas in storage stood at 1.446 Tcf. This compares to the -150 Bcf change last year and -53 Bcf change for the five-year average.

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

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