EIA Natural Gas Storage Report 01-05-23
- Tony Zelinski
- Jan 5, 2023
- 1 min read
EIA Natural Gas Storage Report 1-05-23
Summary
Working gas in storage was 2,891 Bcf as of Friday, December 30, 2022, according to EIA estimates. This represents a net decrease of 221 Bcf from the previous week.
Analyst expected today’s EIA weekly storage report to show a decrease at about 235 Bcf.
Stocks were 308 Bcf less than last year at this time and 208 Bcf below the five-year average of 3,099 Bcf. At 2,891 Bcf, total working gas is within the five-year historical range.
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The 12- and 24-month Natural Gas strip prices continue to drop. Yesterday's strips settled at $4.103/Dth (down 6.37%) and $4.137/Dth (down 4.63%) respectively.
The NYMEX gas futures January contract expired at $4.709, the lowest since March 2022. Falling gas prices have also pushed the Henry Hub cash market into the mid-$3s, fueled partly by warming US temperatures. Exceptionally mild US temperatures in the Northeast and the Midwest, are forecast to squelch the heating demand.
Natural Gas Futures
Read more: EIA
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