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US EIA Storage Data Expected to Draw by 82bcf: BNEF

NATGAS

The US EIA gas storage data due for release at 10:30ET (15:30GMT) is expected to show a withdrawal of -82bcf for the week ending Dec 22 according to BNEF.

  • The Bloomberg survey average suggests a draw of -78bcf on the week compared to the seasonal normal draw of -87bcf.
  • The BNEF samples-based model predicts a withdrawal of -85bcf while the weather-based supply and demand model predicts a withdrawal of -79bcf.
  • Total storage was last week reported at 3,577bcf after an -87bcf draw on the week. US storage was 280bcf higher than the seasonal average of 3,297bcf and 62bcf lower than the previous 5-year high.
  • Supply is expected to have decreased 0.2bcf/d to 91.3bcf/d on the week while consumption was down 0.6bcf/d to 102.6bcf/d driven by a drop in industrial demand offsetting higher power generation demand.
  • The early view for the week ending Dec 29 is a withdrawal of -20bcf.
    • US Natgas FEB 24 up 3.6% at 2.53$/mmbtu
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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