Summary
Working gas in storage was 3,445 Bcf as of Friday, September 13, 2024, according to EIA estimates. This represents a net increase of 58 Bcf from the previous week. Stocks were 194 Bcf higher than last year at this time and 274 Bcf above the five-year average of 3,171 Bcf. At 3,445 Bcf, total working gas is within the five-year historical range.
EIA Storage Report
Working Gas In Underground Storage Compared with 5 Year-Range
Commentary
For Thursday’s storage report for the week ended Sept. 13, NGI modeled a 65 Bcf increase. Estimates submitted to Reuters ranged from injections of 28 Bcf to 67 Bcf, with a median of 55 Bcf. Bloomberg’s poll generated a range of injections of 51 Bcf to 65 Bcf and a median increase estimate of 55 Bcf. The estimates compared with an increase of 62 Bcf a year earlier and a five-year average addition of 80 Bcf.
Customer Takeaway
Inventory levels are still 8.6% above the five year average. Weather demand over the next 5 to 15 days is expected to be light. It is a great time to lock in low energy and natural gas rates ahead of the upcoming election that may move the markets.
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