EIA Natural Gas Storage Report 6-04-20
Working gas in storage was 2,714 Bcf as of Friday, May 29, 2020, according to EIA estimates. This represents a net increase of 102 Bcf from the previous week. Stocks were 762 Bcf higher than last year at this time and 422 Bcf above the five-year average of 2,292 Bcf. At 2,714 Bcf, the total working gas is within the five-year historical range.
Both the 12- and 24-month strip prices rose slightly from last week, settling at $2.147/Dth and $2.241/Dth respectively. The front-month contract settled 1.1 cents lower to $1.861/Dth.
Analyst suggest a $1.60 level extending down to the $1.50 level as a massive “floor” in the market. Also with alot of drillers going bankrupt we could break towards $2.15 level.
Henry Hub Natural Gas Futures CME