EIA Natural Gas Storage Report 11-16-23
Summary
Working gas in storage was 3,833 Bcf as of Friday, November 10, 2023, according to EIA estimates. This represents a net increase of 60 Bcf from the previous week.
Analyst expected today’s EIA weekly storage report to show an injection at about 32 Bcf.
Stocks were 198 Bcf higher than last year at this time and 203 Bcf above the five-year average of 3,630 Bcf. At 3,833 Bcf, total working gas is within the five-year historical range.
Prompt-month NYMEX natural gas was trading at $3.08/MMbtu in morning trading, down $0.12/MMbtu as of 10:45 a.m. ET.
The EIA reported a net injection of 60 Bcf into of underground storage for the weeks ending November 3 and November 10, 2023, vs. an estimated net injection of 32 Bcf.
Inventories are 3,833 Bcf, 198 Bcf or 5.4% more than the same period last year and 203 Bcf or 5.6% more than the 5-year average.
The U.S. picked up more heating demand as colder air is coming better into focus as we head toward the Thanksgiving holiday. This introduces some much below temperatures into the forecasts from the Rockies through the Plains, Midwest and Northeast in the second half of next week. . In the West we have a mainly warmer-than-normal pattern, but some cold air does move through western Canada next week.
Gas production sits around all-time highs. Having surpassed 105 Bcf/d over consecutive days, production has averaged 104.4 Bcf/d in November.
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Read more: EIA
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