US EIA Gas Storage Injection of 12bcf Estimated: BNEF

The US EIA gas storage data due for release at 10:30ET (15:30BST) is expected to show net injections of 12bcf for the week ending Apr. 5 according to BNEF.

• A Bloomberg survey average suggests a build of 11bcf on the week compared to the seasonal normal draw of about 11bcf.
• The BNEF samples-based model predicts an injection in the range of 9bcf to 15bcf while the weather-based supply and demand model predicts an injection of 15bcf.
• Total storage was last week reported at 2,259bcf after a withdrawal of 37bcf on the week. US storage was 633bcf higher than the seasonal average of 1,626bcf and 262bcf higher than the previous 5-year high.
• Total consumption is expected to have fallen in the latest EIA reference from 93.2bcf/d to 86.9bcf/d. The decline is primarily driven by a 6.4bcf drop in residential/commercial demand with a small drop in power generation offset by higher industrial demand.
• Supply is estimated to have increased from 87.7bcf to 88.9bcf/d.
• The early view for the week ending Apr. 12 is for an injection of 50bcf.
  • US Natgas MAY 24 down 3.6% at 1.82$/mmbtu
  • US Natgas OCT 24 down 0.9% at 2.54$/mmbtu
  • US Natgas APR 25 down 0.1% at 3.02$/mmbtu