EIA Natural Gas Storage Report 03-23-23
Summary
Working gas in storage was 1,900 Bcf as of Friday, March 17, 2023, according to EIA estimates. This represents a net decrease of 72 Bcf from the previous week
Analyst expected today’s EIA weekly storage report to show a decrease at about 74 Bcf.
Stocks were 504 Bcf higher than last year at this time and 351 Bcf above the five-year average of 1,549 Bcf. At 1,900 Bcf, total working gas is within the five-year historical range.
The 12- and 24- month natural gas strip prices dropped again from last week, settling at $3.046/Dth (down 4.18%) and 3.428 (down 1.80%) respectively.
The NYMEX gas futures market has not responded as expected to the colder weather in mid-March. Prompt-month prices have decreased despite an uptick in heating demand and storage withdrawals.
A cold front moving across the East and South will bring some severe weather today with storminess lingering in the East into the first part of the weekend. Cooler air will move in bringing temperatures below average across the Midwest and East for a couple of days early next week. After a powerful storm moved into California over the last two days the West will get a much-needed break through the weekend. Still, temperatures will remain well below normal keeping heating demand above normal.
Two weeks after Freeport received FERC permission to place all three liquefaction trains back into service, the feed gas volumes remained unsteady, bouncing between 400 MMcf/d and 1.3 Bcf/d since Mar 8. Freeport has canceled up to four LNG shipments due to restart snags after an eight-month outage.
Natural Gas Futures
Read more: EIA
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