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US EIA Gas Storage Draw of 36bcf Estimated: BNEF

NATGAS

The US EIA gas storage data due for release at 10:30ET (15:30GMT) is expected to show a withdrawal of -36bcf for the week ending Mar. 1 according to BNEF.

  • A Bloomberg survey average suggests a draw of -37bcf on the week compared to the seasonal normal draw of -139bcf.
  • The BNEF samples-based model predicts a withdrawal of -33bcf while the weather-based supply and demand model predicts a withdrawal of -40bcf.
  • Total storage was last week reported at 2,374bcf after a smaller than average -96bcf draw on the week. US storage was 498bcf higher than the seasonal average of 1,876bcf and 205bcf higher than the previous 5-year high.
  • Consumption is forecast lower by 9.2bcf/d on the week to 93.7bcf/d driven by a drop in residential/commercial and power generation demand with a small increase in industrial demand. Supply is estimated to have dropped by 2.2bcf/d to 88.0bcf/d as production has fallen across multiple basins but especially the Appalachian region.
  • The early view for the week ending Mar.8 is a withdrawal of -4bcf.
    • US Natgas APR 24 down -1.9% at 1.89$/mmbtu
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