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US EIA Gas Storage Build of 3bcf Estimated: BNEF

NATGAS

The US EIA gas storage data due for release at 10:30ET (14:30GMT) is expected to show the first net injection of the year of 3bcf for the week ending Mar. 15 according to BNEF.

  • A Bloomberg survey average suggests a build of 6bcf on the week compared to the seasonal normal draw of about 59.5bcf.
  • The BNEF samples-based model predicts an injection of 8bcf while the weather-based supply and demand model predicts an injection of 11bcf.
  • Total storage was last week reported at 2,325bcf after a smaller than average 9bcf draw on the week. US storage was 629bcf higher than the seasonal average of 1,696bcf and 285bcf higher than the previous 5-year high.
  • Consumption is forecast lower by 2.0bcf/d on the week to 85.2bcf/d driven primarily by a 1.6bcf/d drop power generation demand as well as a small drop in residential/commercial demand.
  • Supply is estimated to have increased by 0.8bcf/d to 86.7bcf/d due to a drop in Mexican and LNG exports and rise in Canadian imports.
  • The early view for the week ending Mar. 22 is for a return to withdrawals of 36bcf.
    • US Natgas APR 24 down 0.9% at 1.68$/mmbtu
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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