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US EIA Storage Data Expected to Draw by 203bcf: BNEF

NATGAS

The US EIA gas storage data due for release at 10:30ET (15:30GMT) is expected to show a withdrawal of -203bcf for the week ending Jan 26 according to BNEF after the large draw driven by the severe cold weather last week.

  • A Bloomberg survey average suggests a draw of -208bcf on the week compared to the seasonal normal draw of -184bcf.
  • The BNEF samples-based model predicts a withdrawal of -201bcf while the weather-based supply and demand model predicts a withdrawal of -209bcf.
  • Total storage was last week reported at 2,856bcf after a large -326bcf draw on the week. US storage was 142bcf higher than the seasonal average of 2,714bcf and 80bcf lower than the previous 5-year high.
  • Consumption is forecast down by 13.7bcf/d on the week to 119.6bcf/d driven by residential / commercial and industrial demand. Supply is expected to have recovered up by 3.4bcf/d to 90.9bcf/d.
  • The early view for the week ending Feb 2 is a withdrawal of -76bcf.
    • US Natgas MAR 24 up 0.3% at 2.11$/mmbtu
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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