US EIA Gas Storage Draw of 47bcf Estimated: BNEF

The US EIA gas storage data due for release at 10:30ET (15:30BST) is expected to show a larger than normal net withdrawal of 47bcf for the week ending Mar. 29 to BNEF.

• A Bloomberg survey average suggests a draw of 43bcf on the week compared to the seasonal normal draw of about 14.5bcf.
• The BNEF samples-based model predicts a withdrawal of 50bcf while the weather-based supply and demand model predicts a withdrawal of 45bcf.
• Total storage was last week reported at 2,296bcf after a withdrawal of 36bcf on the week. US storage was 669bcf higher than the seasonal average of 1,627bcf and 296bcf higher than the previous 5-year high.
• Total consumption is expected to have risen in the latest EIA reference week up from 90.7bcf/d to 92.9bcf/d. The rise is driven by higher residential/commercial and industrial demand to more than offset a fall in power generation demand.
• Supply is estimated to have increased marginally by 0.1bcf/d to 86.4bcf/d with a drop in production offset by an increase in Canadian imports.
• The early view for the week ending Apr. 5 is for an injection of 12bcf.
  • US Natgas MAY 24 down 0.3% at 1.84$/mmbtu