EIA Natural Gas Storage Report 04-13-23
Summary
Working gas in storage was 1,930 Bcf as of Friday, April 14, 2023, according to EIA estimates. This represents a net increase of 75 Bcf from the previous week.
Analyst expected today’s EIA weekly storage report to show an injection at about 66 Bcf.
Stocks were 488 Bcf higher than last year at this time and 329 Bcf above the five-year average of 1,601 Bcf. At 1,930 Bcf, total working gas is within the five-year historical range.
The 12- and 24- month natural gas strip prices rose from last week, settling at $3.006/Dth (up 3.76%) and $3.396/Dth (up 2.66%) respectively.
Oil prices showed their largest gain in nearly a year after OPEC+ announced it was slashing output by 1.16 million barrels per day. The plan for a further production cut may push oil prices toward the $100 mark again, considering China’s reopening and Russia’s output cuts as a retaliation move against Western sanctions. The voluntary cuts will begin in May and run until the end of 2023. The objective of this "precautionary measure" is to stabilize the oil market.
Natural Gas Futures
Read more: EIA
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