EIA Natural Gas Storage Report 02-16-23
Summary
Working gas in storage was 2,266 Bcf as of Friday, February 10, 2023, according to EIA estimates. This represents a net decrease of 100 Bcf from the previous week.
Analyst expected today’s EIA weekly storage report to show a decrease at about 108 Bcf.
Stocks were 328 Bcf higher than last year at this time and 183 Bcf above the five-year average of 2,083 Bcf. At 2,266 Bcf, total working gas is within the five-year historical range.
Strong warmth continues to dominate the eastern part of the nation today, while a cold front is moving through the central U.S. Colder air will rush into the Midwest and Texas today, moving to the East and South tomorrow. After a cool weekend, the South will warm up next week and climb back above normal. A below-to-much-below temperature pattern will remain out West through next week, with Arctic air building in western Canada and spilling into the interior West and Rockies next week. Heating demand will generally be above normal throughout the West, with some freeze-offs possible again in the Rockies next week.
The current drop in 12-month Henry Hub forward could result in the removal of 20 rigs in Haynesville over the next 5 months, according to Enverus. However, price rig relationships on the way down could be stickier as drilling contracts and hedges are locked before the price drop.
Kinder Morgan’s El Paso Natural Gas pipeline is resuming service on a key segment (Line 2000) of the line moving Permian Gas west to Southern California markets after an 18-month interruption. However, a recent SoCalGas announcement on February 15 stated that they would be performing an unplanned outage on Line 235, which continues to concern over supply in Southern California for the upcoming injection season.
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Read more: EIA
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