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US EIA Storage Data Expected to Draw by 16bcf: BNEF

NATGAS

The US EIA gas storage data due for release at 10:30ET (15:30GMT) is expected to show a withdrawal of -16bcf for the week ending Dec 29 according to BNEF.

  • The Bloomberg survey average suggests a draw of -32bcf on the week compared to the seasonal normal draw of -110bcf.
  • The BNEF samples-based model predicts a withdrawal of -14bcf while the weather-based supply and demand model predicts a withdrawal of -18bcf.
  • Total storage was last week reported at 3,490bcf after an -87bcf draw on the week. US storage was 316bcf higher than the seasonal average of 3,174bcf and 19bcf lower than the previous 5-year high.
  • Supply is expected to have increased marginally by 0.1bcf/d to 91.1bcf/d on the week while consumption was down 9.6bcf/d to 93.5bcf/d driven by a drop in residential and commercial, industrial and power gen demand.
  • The early view for the week ending Jan 5 is a withdrawal of -104bcf.
  • US Natgas FEB 24 up 6.2% at 2.83$/mmbtu
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