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  • Writer's pictureTony Zelinski

EIA Natural Gas Storage Report 04-06-23



EIA Natural Gas Storage Report 04-06-23

Summary

Working gas in storage was 1,830 Bcf as of Friday, March 31, 2023, according to EIA estimates. This represents a net decrease of 23 Bcf from the previous week.



Analyst expected today’s EIA weekly storage report to show a decrease at about 24 Bcf.


Stocks were 443 Bcf higher than last year at this time and 298 Bcf above the five-year average of 1,532 Bcf. At 1,830 Bcf, total working gas is within the five-year historical range.


CME Natural Gas Futures 3-15-18

The 12- month natural gas strip price had a slight uptick from last week, settling at

$3.00/Dth (up 2.39%). The 24-month strip price remained stable from last month,

settling at $3.393/Dth.


May gas and power prices were down slightly in March compared to the prior month,

and down significantly from the comparable 2022. However, June prices are expected

to be higher than May prices due to warmer weather. Seasonal temperatures are

expected to be above normal for the April through June period in much of the Central and

Southern US.


Temperatures will rebound quickly next week after a chilly weekend across the Midwest and Northeast, while the South slowly warms. A weak storm coming into the West in the short term will be followed by significant warming and a reduction in heating demand next week. Temperatures throughout the West will average above normal.


Natural Gas Futures

Read more: EIA

 

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