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NATGAS
The US EIA is expected to show a natural gas storage injection of 94bcf for the week ending 29 Sep according to BNEF.
- The latest EIA weekly gas inventories will be released at 10:30ET (15:30BST).
- The samples-based model predicts an injection of 93bcf, while the weather-based supply and demand model predicts an injection of 95bcf.
- Total storage was last week at 3,359bcf, which is 189bcf higher than the seasonal average of 3,170bcf and 364bcf lower than the previous 5-year high of 3,723bcf.
- Gas demand in the week increased 0.4bcf/d week-on-week, driven by a 5.6 jump in degree days but offset by a 0.9bcf/d drop in LNG demand due to Cove Point maintenance.
- The gas share of fossil fuel generation has risen from 69.8% in the week to 8 Sep to 72.2% this week. The average since April is 71.5% compared to a 65.8% share for the period last year.
- The early view for the week ending 6 October is an injection of 90Bcf.
- US Natgas NOV 23 up 3.1% at 3.05$/mmbtu
Source: BNEF
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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