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  • Writer's pictureTony Zelinski

EIA Natural Gas Storage Report 04-13-23



EIA Natural Gas Storage Report 04-13-23

Summary

Working gas in storage was 1,855 Bcf as of Friday, April 7, 2023, according to EIA estimates. This represents a net increase of 25 Bcf from the previous week.



Analyst expected today’s EIA weekly storage report to show an injection at about 29 Bcf.


Stocks were 460 Bcf higher than last year at this time and 295 Bcf above the five-year average of 1,560 Bcf. At 1,855 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 dipped slightly from last week, settling at $2.897/Dth (down 3.43%) and $3.308/Dth (down 2.51%) respectively.


Mild US temperatures forecast through late April could push the NYMEX natural gas futures prices below $2/Dth this month as demand begins to wane. The prompt-month futures have already dipped under the $2/Dth mark coming off of a historically bearish winter heating season with US inventories at their highest level since 2020.


An unseasonably warm pattern will last another couple of days across the Midwest and East, while a low-pressure area along the Gulf Coast tracks northeast into the Mid-Atlantic, bringing showers and keeping temperatures mild. Overall, demand will stay very low. A cold front will cross the region this weekend, bringing below-normal temperatures to the Midwest, while the rest of the East and South returns to normal. In the West, temperatures will average near to a bit below normal through next week, but overall heating demand should be mostly confined to overnight across the Northwest and Rockies.

In recent trading, Henry Hub prompt-month futures have already twice tested lows under $2/MMBtu as a historically bearish winter heating season wraps up, leaving U.S. inventories at their highest level since 2020 according to S&P Global Platts.


Natural Gas Futures

Read more: EIA

 

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