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US EIA Gas Storage Injections of 8bcf Expected: BNEF

NATGAS

The US EIA gas storage data due for release at 10:30ET (15:30GMT) is expected to show weekly injections of 8bcf for the week ending Nov 24 according to BNEF.

  • The Bloomberg survey average suggests a draw of 5bcf on the week compared to the seasonal normal draw of -41bcf.
  • The BNEF samples-based model predicts an injection of 10bcf while the weather-based supply and demand model predicts injections of between 2bcf and 13bcf.
  • Supply is expected to have increased 0.4bcf/d to 91.3bcf/d with consumption down 1.6bcf/d to 89.3bcf/d driven by industrial and power generation demand.
  • Total storage was last reported at 3,826bcf, which is 249bcf higher than the seasonal average of 3,577bcf and 122bcf lower than the previous 5-year high.
  • November heating degree day expectations have increased since Nov 12 but the expectation for Dec is 754 HDDs and 36 below the 10 year normal weighing on prices.
  • The early view for the week ending Dec1 is a withdrawal of 81bcf.
    • US Natgas JAN 24 up 1% at 2.83$/mmbtu
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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