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US EIA Gas Storage Injection of 57bcf Estimated: BNEF

NATGAS

The US EIA gas storage data due for release at 10:30ET (15:30BST) is expected to show net injections of 57bcf for the week ending Apr. 12 according to BNEF.

  • A Bloomberg survey average suggests a build of 52bcf on the week compared to the seasonal normal draw of about 51bcf.
  • The BNEF samples-based model predicts an injection of 60bcf while the weather-based supply and demand model predicts an injection of 51bcf.
  • Total storage was last week reported at 2,283bcf after an injection of 24bcf on the week. US storage was 633bcf higher than the seasonal average of 1,650bcf and 238bcf higher than the previous 5-year high.
  • Total consumption is expected to have fallen in the latest EIA reference from 86.3bcf/d to 79.3bcf/d. The decline is driven by drop in residential/commercial and industrial demand.
  • Supply is estimated to have decreased from 89.0bcf to 87.1bcf/d primarily driven by a drop in production.
  • The early view for the week ending Apr. 19 is for an injection of 90bcf.
    • US Natgas MAY 24 up 2.7% at 1.76$/mmbtu
    • US Natgas OCT 24 up 0.6% at 2.52$/mmbtu
    • US Natgas APR 25 up 0.3% at 3.03$/mmbtu
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The US EIA gas storage data due for release at 10:30ET (15:30BST) is expected to show net injections of 57bcf for the week ending Apr. 12 according to BNEF.

  • A Bloomberg survey average suggests a build of 52bcf on the week compared to the seasonal normal draw of about 51bcf.
  • The BNEF samples-based model predicts an injection of 60bcf while the weather-based supply and demand model predicts an injection of 51bcf.
  • Total storage was last week reported at 2,283bcf after an injection of 24bcf on the week. US storage was 633bcf higher than the seasonal average of 1,650bcf and 238bcf higher than the previous 5-year high.
  • Total consumption is expected to have fallen in the latest EIA reference from 86.3bcf/d to 79.3bcf/d. The decline is driven by drop in residential/commercial and industrial demand.
  • Supply is estimated to have decreased from 89.0bcf to 87.1bcf/d primarily driven by a drop in production.
  • The early view for the week ending Apr. 19 is for an injection of 90bcf.
    • US Natgas MAY 24 up 2.7% at 1.76$/mmbtu
    • US Natgas OCT 24 up 0.6% at 2.52$/mmbtu
    • US Natgas APR 25 up 0.3% at 3.03$/mmbtu