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US Gas Storage Surplus Building Faster amid Milder Weather

NATGAS
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The EIA weekly gas inventories for the week ending Apr. 19 showed an injection of 92bcf compared to the expectation for an injection of 89bcf according to a Bloomberg survey and the seasonal normal injection of 58bcf.

  • The slightly higher build was due to milder weather and softer flows loosening balances despite lower production, according to Bloomberg Intelligence.
  • Storage will likely remain overstocked due to a lack of catalysts during the traditional spring demand lull.
  • Fundamentals may find some support due to lower daily output. Daily output in late April is around 97.5 bcf, below the average 102.3 bcf in heating season.
  • Henry Hub prices have pricked up from their intraday lows of $1.603/MMBtu but remain down on the day due to pressure from the inventory builds.
  • US Natgas MAY 24 down 1.8% at 1.62$/mmbtu
  • US Natgas OCT 24 up 1.1% at 2.57$/mmbtu
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The EIA weekly gas inventories for the week ending Apr. 19 showed an injection of 92bcf compared to the expectation for an injection of 89bcf according to a Bloomberg survey and the seasonal normal injection of 58bcf.

  • The slightly higher build was due to milder weather and softer flows loosening balances despite lower production, according to Bloomberg Intelligence.
  • Storage will likely remain overstocked due to a lack of catalysts during the traditional spring demand lull.
  • Fundamentals may find some support due to lower daily output. Daily output in late April is around 97.5 bcf, below the average 102.3 bcf in heating season.
  • Henry Hub prices have pricked up from their intraday lows of $1.603/MMBtu but remain down on the day due to pressure from the inventory builds.
  • US Natgas MAY 24 down 1.8% at 1.62$/mmbtu
  • US Natgas OCT 24 up 1.1% at 2.57$/mmbtu