EIA Natural Gas Storage Report 1-12-23
Working gas in storage was 2,902 Bcf as of Friday, January 6, 2023, according to EIA estimates. This represents a net increase of 11 Bcf from the previous week.
Analyst expected today’s EIA weekly storage report to show a decrease at about 12 Bcf.
Stocks were 140 Bcf less than last year at this time and 40 Bcf below the five-year average of 2,942 Bcf. At 2,902 Bcf, total working gas is within the five-year historical range.
The West will see lower temperatures coming this weekend and a cold shot will move across the Eastern half of the country this weekend but it is not connected to any arctic air.
Freeport LNG has still not received regulatory approval to restart and it could now be delayed until late February before the first cargo leaves Freeport.
The 12- and 24-month Natural Gas strip prices fell for the third week, settling yesterday at $3.748/Dth (down 8.65%) and $3.888/Dth (down 6.02%) respectively.
Anticipating natural gas production topping prior highs, the EIA lowered its Henry Hub spot price forecasts to an average of $4.90/Dth in 2023, down from $6.42/Dth in 2022. In its January Short-Term Energy Outlook, Q1 2023 forecast was lowered by $1.18 to $4.99/Dth. The Q2 forecast also fell 25 cents from the previous month’s estimates to $4.75/Dth.
Natural Gas Futures
Read more: EIA
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