Thursday, May 14, 2020

EIA Natural Gas Storage Report May 14, 2020

Our FX Empire go-to for the estimates roundup, James Hyerczyk, did not post this week.
First up, the guesstimate going into the report from FX Empire:
Natural gas prices moved lower on Wednesday ahead of Thursday inventory report from the Department of Energy. Expectations are for a 103 Bcf build according to survey provider Estimize. Prices fell by nearly 5%, and broke down through trend line support making a fresh low for the June contract. The weather is expected to be warmer than normal throughout the east coast for the next 6-10 and 8-14 days according to the most recent report from the National Oceanic Atmospheric Administration. This would likely decrease heating demand on the east coast during a shoulder month....
From the EIA:
Summary
Working gas in storage was 2,422 Bcf as of Friday, May 8, 2020, according to EIA estimates. This represents a net increase of 103 Bcf from the previous week. Stocks were 799 Bcf higher than last year at this time and 413 Bcf above the five-year average of 2,009 Bcf. At 2,422 Bcf, total working gas is within the five-year historical range....MORE
And from the NYMEX (CME) the price action:
1.698 up 0.082 (+5.07%)

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