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  • Writer's pictureTony Zelinski

EIA Natural Gas Storage Report 02-02-23



EIA Natural Gas Storage Report 02-02-23

Summary

Working gas in storage was 2,583 Bcf as of Friday, January 27, 2023, according to EIA estimates. This represents a net decrease of 151 Bcf from the previous week.



Analyst expected today’s EIA weekly storage report to show a decrease at about 146 Bcf.


Stocks were 222 Bcf higher than last year at this time and 163 Bcf above the five-year average of 2,420 Bcf. At 2,583 Bcf, total working gas is within the five-year historical range.


CME Natural Gas Futures 3-15-18


The 12- and 24-month Natural Gas strip prices dropped even lower this week, settling yesterday at $3.268/Dth (down 4.19%) and $3.517/Dth (down 4.09%) respectively.

Freeport LNG, shut down since June 8, 2022, received permission for a partial production restart. Some market analysts don’t expect the facility to be returning to full production until late February or March. When Freeport returns to full production, cargoes from the facility will continue to serve global gas demand that remains strong, even with global LNG prices down significantly from the highs of 2022.



Natural Gas Futures

Read more: EIA

 

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