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US EIA Gas Storage Draw of 7bcf Estimated: BNEF

NATGAS

The US EIA gas storage data due for release at 10:30ET (14:30GMT) is expected to show a withdrawal of 7bcf for the week ending Mar. 8 according to BNEF.

  • A Bloomberg survey average suggests a draw of 2bcf on the week compared to the seasonal normal draw of about 99bcf.
  • The BNEF samples-based model predicts a withdrawal of 8bcf while the weather-based supply and demand model predicts a withdrawal of 11bcf.
  • Total storage was last week reported at 2,334bcf after a smaller than average 40bcf draw on the week. US storage was 551bcf higher than the seasonal average of 1,783bcf and 257bcf higher than the previous 5-year high.
  • Consumption is forecast lower by 6.5bcf/d on the week to 87.3bcf/d driven by a 5.7bcf/d drop in residential/commercial demand amid warm weather. Supply is estimated to have dropped by 2.4bcf/d to 85.7bcf/d with a 1.4bcf/d decline in production and 1.0bcf/d drop in Canadian imports.
  • The early view for the week ending Mar.15 is for the first net injection of the year of 1bcf.
    • US Natgas APR 24 down 0.6% at 1.65$/mmbtu
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