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US EIA Gas Storage Injection of 78bcf 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 78bcf for the week ending May 10 according to BNEF.

  • A Bloomberg survey average suggests a build of 77bcf on the week compared to the seasonal normal injection of about 88bcf.
  • The BNEF samples-based model predicts an injection of 78bcf while the weather-based supply and demand model also predicts an injection of 78bcf.
  • Total storage was last week reported at 2,563bcf after an injection of 79bcf on the week. US storage was 640bcf higher than the seasonal average of 1,923bcf and 215bcf higher than the previous five-year high.
  • Total consumption is seen as almost unchanged on the week, rising by just 0.1bcf/d to 73.6bcf/d. A drop in industrial demand of 1.8bcf/d is more than offset but a rise in power generation demand.
  • Total supply has risen from 85.7bcf/d to 87.0bcf/d driven by a 1.2bcf/d increase in production.
  • The early view for the week ending May 17 is for an injection of 89bcf.
  • US Natgas JUN 24 up 2.5% at 2.48$/mmbtu
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