EIA Natural Gas Storage Report 07-13-23
Working gas in storage was 2,930 Bcf as of Friday, July 7, 2023, according to EIA estimates. This represents a net increase of 49 Bcf from the previous week.
Analyst expected today’s EIA weekly storage report to show an injection at about 54 Bcf.
Stocks were 569 Bcf higher than last year at this time and 364 Bcf above the five-year average of 2,566 Bcf. At 2,930 Bcf, total working gas is within the five-year historical range.
Prompt-month NYMEX natural gas was trading at $2.546/MMbtu in morning trading, down $0.086/MMbtu as of 2:30 p.m. ET.
The EIA reported an injection of 49 Bcf into underground storage for the week ending July 7, 2023, vs. an estimated injection of 54 Bcf.
A reported revision caused the stocks for June 30, 2023 to change from 2,877 Bcf to 2,881 Bcf. As a result, the implied net change between the weeks ending June 23 and June 30 changed from 72 Bcf to 76 Bcf.
The forecast grew hotter across the southern tier of the United States as the southwestern heat ridge expands eastward next week. North of this ridge the storm track will keep temperatures in check across the Midwest and East while the West remains hotter than normal.
Excessive heat warnings are back across central Texas and most of Oklahoma in mid-July as triple-digit temperatures and strong power burns promise to tighten up the South-Central gas market.
The U.S. Energy Information Administration July 11 forecast that natural gas-fired generation will be 4% higher this July and August, compared with the same time last year, as additional combined-cycle units have entered service and lower gas prices boosted the competitive position of the fuel source.
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Read more: EIA
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