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  • Writer's pictureTony Zelinski

EIA Natural Gas Storage Report 08-24-23



EIA Natural Gas Storage Report 08-24-23

Summary

Working gas in storage was 3,083 Bcf as of Friday, August 18, 2023, according to EIA estimates. This represents a net increase of 18 Bcf from the previous week.



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


Stocks were 513 Bcf higher than last year at this time and 268 Bcf above the five-year average of 2,815 Bcf. At 3,083 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 $2.54/MMbtu in morning trading, up $0.05/MMbtu as of 11:00 a.m. ET.


The EIA reported an injection of 18 Bcf into underground storage for the week ending August 18, 2023, vs. an estimated injection of 29 Bcf.


Inventories are 3,083 Bcf, 513 Bcf or 20% more than the same period last year and 268 Bcf or 9.5% more than the 5-year average.


The Midwestern heat wave will be coming to an end over the next few days with a cool front moving across the Region. Texas and the South remain hot into the weekend, then a stronger cool front is shown moving through the eastern half of the nation next week. This brings some below normal temperatures into the forecast as we close out August. As the East cools down, the West heats up next week with some much above normal temperatures in the forecast.


Natural gas futures continued to slide midweek with the threat of another tropical disturbance keeping traders on guard even amid the ongoing heatwave suffocating much of the Lower 48.


Natural Gas Futures

Read more: EIA

 

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