EIA Natural Gas Storage Report 03-02-23
EIA Natural Gas Storage Report 03-02-23
Summary
Working gas in storage was 2,114 Bcf as of Friday, February 24, 2023, according to EIA estimates. This represents a net decrease of 81 Bcf from the previous week.
Analyst expected today’s EIA weekly storage report to show a decrease at about 75 Bcf.
Stocks were 451 Bcf higher than last year at this time and 342 Bcf above the five-year average of 1,772 Bcf. At 2,114 Bcf, total working gas is within the five-year historical range.
The 12- and 24-month Natural Gas strip prices jumped significantly this week. settling at $3.527/Dth (up 17.45%) and $3.694Dth (up 13.00%) respectively from last week.
The rise in natural gas prices can be attributed to two main market conditions - the Freeport LNG facility returning to full operations (which will lower US gas supply) and the expected colder-than-average weather for the near future (which will increase demand).
Natural Gas Futures
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