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NATGAS: Us Natgas Approaching Expectations: Bloomberg

NATGAS
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US natural gas storage continues to shrink and the addition of 13 bcf in the week to Aug. 30 was more bullish than the survey estimate of 27 bcf, Bloomberg intelligence said.

  • However, cooling demand days are almost 38% lower through Sep. 7, cutting gas consumption for power generation. However, forecasts are warming in the West coast and moving closer to normal.
  • The declining surplus in US natural gas storage is now just 6.6% above last year. Warmth in September may shrink this further, Bloomberg said.
  • If injections track the five-year norm, they will approach 4.069 Tcf before withdrawal season begins, close to Bloomberg’s view of 4.056 Tcf.
  • This is above Reuters’ estimate of 3.908 Tcf.
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US natural gas storage continues to shrink and the addition of 13 bcf in the week to Aug. 30 was more bullish than the survey estimate of 27 bcf, Bloomberg intelligence said.

  • However, cooling demand days are almost 38% lower through Sep. 7, cutting gas consumption for power generation. However, forecasts are warming in the West coast and moving closer to normal.
  • The declining surplus in US natural gas storage is now just 6.6% above last year. Warmth in September may shrink this further, Bloomberg said.
  • If injections track the five-year norm, they will approach 4.069 Tcf before withdrawal season begins, close to Bloomberg’s view of 4.056 Tcf.
  • This is above Reuters’ estimate of 3.908 Tcf.