NATGAS: No Change in US Gas Storage Expected: BNEF

The US EIA gas storage data due for release at 10:30ET (15:30BST) is expected to show no change for the week ending Aug. 9 according to BNEF.

• A Bloomberg survey average suggests a build of 3bcf on the week compared to the seasonal normal injection of about 39bcf.
• The BNEF facility samples-based model and the weather-based supply and demand model both predict zero injection in the week.
• Total storage was last week reported at 3,270bcf after an injection of 21bcf on the week. US storage was 424bcf higher than the seasonal average of 2,846bcf and 21bcf below than the previous five-year high.
• Total consumption is estimated up 1.5bcf/d on the week to 90.4bcf/d with a rise in power generation demand more than offsetting a decline in industrial demand. 
• Total supply is estimated to have fallen by 1.3bcf/d to 90.7bcf/d driven by production and Canadian imports.
• The early view for the week ending August 16 is for an injection of 33bcf.
  • US Natgas SEP 24 up 0.4% at 2.23$/mmbtu