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  • Writer's pictureTony Zelinski

EIA Natural Gas Storage Report 08-31-23



EIA Natural Gas Storage Report 08-31-23

Summary

Working gas in storage was 3,115 Bcf as of Friday, August 25, 2023, according to EIA estimates. This represents a net increase of 32 Bcf from the previous week.



Analyst expected today’s EIA weekly storage report to show an injection at about 31 Bcf.


Stocks were 484 Bcf higher than last year at this time and 249 Bcf above the five-year average of 2,866 Bcf. At 3,115 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 $2.835/MMbtu in morning trading, up $0.039/MMbtu as of 11:30 a.m. ET.


The EIA reported an injection of 32 Bcf into underground storage for the week ending August 25, 2023, vs. an estimated injection of 31 Bcf.


Inventories are 3,115 Bcf, 484 Bcf or 18.4% more than the same period last year, and 249 Bcf or 8.7% more than the 5-year average.


We are still on track for the hottest start to September. A broad heat ridge will build over the eastern half of the nation next week with much above normal temperatures from the Plains to the East Coast. An upper low in the southern Mississippi Valley could temper some of the heat along the lower half of the Mississippi Valley early next week.


Hurricane Idalia made landfall in the “big bend” region of Florida on the morning of Aug. 30 as a Category 3 storm, then lost speed as it crossed the state, downgrading to a Category 1 as it pushed into Georgia, knocking out power to hundreds of thousands of customers and reducing power and natural gas demand along with power prices. Following the landfall of Hurricane Idalia, day-ahead power prices in the U.S. Southeast trended lower Aug. 30. Platts assessed Into Southern, Into GTC, and Florida on-peak $2 lower from previous assessments at $27/MWh, $29.25/MWh, and $39/ MWh, respectively.


Natural Gas Futures

Read more: EIA

 

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