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US EIA Gas Storage Draw of 57bcf Estimated: BNEF

NATGAS

The US EIA gas storage data due for release at 10:30ET (15:30GMT) is expected to show a withdrawal of -57bcf for the week ending Feb 9 according to BNEF.

  • A Bloomberg survey average suggests a draw of -67bcf on the week compared to the seasonal normal draw of -131bcf.
  • The BNEF samples-based model predicts a withdrawal of -52bcf while the weather-based supply and demand model predicts a withdrawal of -61bcf.
  • Total storage was last week reported at 2,584bcf after a smaller than average -75bcf draw on the week. US storage was 248bcf higher than the seasonal average of 2,336bcf and 7bcf lower than the previous 5-year high.
  • Consumption is forecast down by 0.6bcf/d on the week to 100.7bcf/d driven by power generation demand to more than offset higher residential/commercial and industrial demand. Supply is expected to have increased by 1.2bcf/d to 92.0bcf/d.
  • The early view for the week ending Feb 9 is a withdrawal of -56bcf.
    • US Natgas MAR 24 up 1.4% at 1.63$/mmbtu

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