EIA Natural Gas Storage Report 2-01-24
Summary
Working gas in storage was 2,659 Bcf as of Friday, January 26, 2024, according to EIA estimates. This represents a net decrease of 197 Bcf from the previous week.
Analyst expected today’s EIA weekly storage report to show a withdrawl at about 200 Bcf.
Stocks were 54 Bcf higher than last year at this time and 130 Bcf above the five-year average of 2,529 Bcf. At 2,659 Bcf, total working gas is within the five-year historical range.
Prompt-month NYMEX natural gas was trading at $2.10/MMbtu in morning trading, down $0.009/MMbtu as of 11:00 a.m. ET.
The EIA reported a withdrawal of 197 Bcf out of underground storage for the week ending January 26, 2024, vs. an estimated withdrawal of 200 Bcf.
Inventories are 2,659 Bcf, 54 Bcf or 2.1% more than the same period last year and 130 Bcf or 5.1% more than the 5-year average.
The national pattern remains warmer than normal through the early 11–15-day forecasts. Storminess will bring some quick shots of chilly air, but warmer days still outnumber any brief chillier days. We are starting to see some changes as we move deeper into the 11-15 day with ridging in the West and a cooling trough in the East.
Weak natural gas prices are expected to discourage Haynesville drilling activity and slow production growth this year after the basin set itself apart in 2023 as the only one to build its inventory of drilled but uncompleted wells.
The Biden administration’s election-year halt on the U.S. issuing critical LNG export licenses for new projects put a slew of proposed U.S. LNG projects in permitting limbo, threatening to delay projects and to prevent some from advancing at all. The moratorium, expected to last at least through November, centers on the analyses that the DOE uses to decide whether to approve LNG exports from US projects to countries that lack free trade agreements from the U.S. Such non-FTA countries represent most of the global LNG import market
Natural Gas Futures
Read more: EIA
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