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US EIA Gas Storage Injection of 32bcf Estimated: BNEF

NATGAS

The US EIA gas storage data due for release at 12:00ET (17:00BST) is expected to show a net injection of 32bcf for the week ending June 28 according to BNEF.

  • A Bloomberg survey average suggests a build of 29bcf on the week compared to the seasonal normal injection of about 79bcf.
  • The BNEF samples-based model predicts an injection of 31bcf while the weather-based supply and demand model predicts an injection of 34bcf.
  • Total storage was last week reported at 3,097bcf after an injection of 52bcf on the week. US storage was 528bcf higher than the seasonal average of 2,569bcf and 66bcf higher than the previous five-year high.
  • Total consumption is estimated up 3.9bcf/d on the week to 84.8bcf/d driven primarily by power generation demand.
  • Total supply is also estimated higher by 0.9bcf/d to 89.6bcf/d largely due to a rise in production.
  • The early view for the week ending July 5 is for an injection of 54bcf.

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