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US EIA Gas Storage Injection of 69bcf Estimated: BNEF

NATGAS

The US EIA gas storage data due for release at 10:30ET (15:30BST) is expected to show a net injection of 69bcf for the week ending June 14 according to BNEF.

  • A Bloomberg survey average suggests a build of 70bcf on the week compared to the seasonal normal injection of about 84bcf.
  • The BNEF samples-based model predicts an injection of 69bcf while the weather-based supply and demand model predicts an injection of 70bcf.
  • Total storage was last week reported at 2,974bcf after an injection of 74bcf on the week. US storage was 573bcf higher than the seasonal average of 2,401bcf and 143bcf higher than the previous five-year high.
  • Total consumption is estimated up 1.1bcf/d on the week to 76.8bcf/d driven by power generation demand.
  • Total supply is also estimated higher by 0.7bcf/d to 86.8bcf/d with a rise in production, Canadian imports and a drop in LNG export flows.
  • The early view for the week ending June 21 is for an injection of 57bcf.
    • US Natgas JUL 24 down 0.6% at 2.72$/mmbtu
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