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  • Writer's pictureTony Zelinski

EIA Natural Gas Storage Report 07-27-23



EIA Natural Gas Storage Report 07-27-23

Summary

Working gas in storage was 2,987 Bcf as of Friday, July 21, 2023, according to EIA estimates. This represents a net increase of 16 Bcf from the previous week.



Analyst expected today’s EIA weekly storage report to show an injection at about 21 Bcf.


Stocks were 573 Bcf higher than last year at this time and 345 Bcf above the five-year average of 2,642 Bcf. At 2,987 Bcf, total working gas is within the five-year historical range.


CME Natural Gas Futures 3-15-18

Prompt-month NYMEX natural gas was trading at $2.57/MMbtu in morning trading, down $0.12/MMbtu as of 11:00 a.m. ET.


The EIA reported an injection of 16 Bcf into underground storage for the week ending July 21, 2023, vs. an estimated injection of 21 Bcf.


Inventories are 2,987 Bcf, 573 Bcf or 23.7% more than the same period last year and 345 Bcf or 13.1% more than the 5-year average.


Nationally, the highest cooling demand will occur over the next couple of days with heat from the East Coast into the Midwest, South, and Southwest which brings us a broad hotter than normal national pattern. A cold front will break the heat across the Midwest and East this weekend with some below-normal temperatures in the Northeast and Mid-Atlantic.

The expected surge in gas demand through late July stands to tighten U.S. market fundamentals, potentially drawing down the domestic storage surplus while supporting futures prices. Analysts at Goldman Sachs said in a note to clients on July 24 that they expect the outperformance of U.S. gas power burns to extend into August.


Natural Gas Futures

Read more: EIA

 

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