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  • Writer's pictureTony Zelinski

EIA Natural Gas Storage Report 08-10-23



EIA Natural Gas Storage Report 08-10-23

Summary

Working gas in storage was 3,030 Bcf as of Friday, August 4, 2023, according to EIA estimates. This represents a net increase of 29 Bcf from the previous week.



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


Stocks were 535 Bcf higher than last year at this time and 305 Bcf above the five-year average of 2,725 Bcf. At 3,030 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 $2.808/MMbtu in morning trading, down $0.151/MMbtu as of 11:00 a.m. ET.


The EIA reported an injection of 29 Bcf into underground storage for the week ending August 4, 2023, vs. an estimated injection of 24 Bcf.


Inventories are 3,030 Bcf, 535 Bcf or 21.4% more than the same period last year, and 305 Bcf or 11.2% more than the 5-year average.


The center of the universe is Texas where an unrelenting heatwave shows no signs of slowing down. The storm track north of this ridge brings variability that keeps temperatures in check across the North and East with some heat in the Deep South. The back-and-forth pattern will bring a warm-up into the East this weekend, then storms will break the heat next week. In the West, a cooling onshore flow keeps SoCal below normal for the next few days.

Henry Hub prompt price topped $3/MMBtu at one point on Wednesday 8/9, hitting a five-month high amid a drop in U.S. gas production from maintenance and a continued heat wave across the southern U.S.


The EIA raised by 750 MMcf/d to 112.96 Bcf/d its total gas marketed production estimate for the U.S. in the third quarter of 2023 and lifted its Q4 estimate by 1.92 Bcf/d to 113.25 Bcf/d. The production forecast for the full year 2023 also rose 950 MMcf/d to 112.35 Bcf/d, with the 2024 forecast up 2.25 Bcf/d to 113.79 Bcf/d.


Natural Gas Futures

Read more: EIA

 

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