EIA Natural Gas Storage Report 06-29-23
Summary
Working gas in storage was 2,805 Bcf as of Friday, June 23, 2023, according to EIA estimates. This represents a net increase of 76 Bcf from the previous week.
Analyst expected today’s EIA weekly storage report to show an injection at about 83 Bcf.
Stocks were 566 Bcf higher than last year at this time and 358 Bcf above the five-year average of 2,447 Bcf. At 2,805 Bcf, total working gas is within the five-year historical range.
The 12- and 24-month natural gas strip prices dropped ever so slightly from last week, settling at $3.126/Dth (down 1.42%) and $3.429/Dth (down 1.47%) respectively.
Texas will begin to see temperatures slowly come down a bit over the next few days, but still average above normal through next week. Highs in the upper 90s are expected for Dallas and Houston for much of next week. In the East, temperatures will warm a little above normal next week, but daily rain chances will keep temperatures in the upper 80s to lower 90s on average. In the West, cooling demand will be expanding into interior California this weekend, but temperatures should back down a bit by later next week. Strong heat will be centered from the interior Northwest into the Desert Southwest with above-normal cooling demand.
FERC gave Mountain Valley Pipeline (MVP) the go-ahead to proceed to full construction of the 304-mile, 2 Bcf/d natural gas project, the agency said in an order June 28.
The recent surge in gas-fired power burns across the Southeast is fueling a rise in cash basis prices at locations east of Henry Hub. In the week started June 26, spot gas prices at Transco Zone 3 and Transco Zone 4, have strengthened to about 18 cents premium to Henry Hub – up from average premiums closer to 6-7 cents, from June 1-25, S&P Global data shows.
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