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US Gas Storage Surplus Likely to Narrow Further: Platts

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This week’s EIA data is likely to show a below-average build of 78 Bcf for the week to May 24 as warmer weather and stronger gas-fired power demand cut injection rates, a Platts survey showed.

  • Estimates were in a narrow range from +70-90 bcf; 75% of responses were between 75-85 bcf.
  • If correct, this would lag the five-year average build of 104 Bcf for this time of year. It would also narrow the US gas storage surplus
  • Curtailed production has cut the storage surplus, while a recent warming in temperatures and rising gas-fired power demand has tightened the market.
  • Gas-fired power demand was up by around 4 Bcf/din the week to May 24 across the Southern US. However, some additional import flows from Canada and higher production levels added some counterweight.
  • Henry Hub remains bullish for June as a heatwave should drive gas-fired power demand above 35 Bcf/d, Platts said.

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This week’s EIA data is likely to show a below-average build of 78 Bcf for the week to May 24 as warmer weather and stronger gas-fired power demand cut injection rates, a Platts survey showed.

  • Estimates were in a narrow range from +70-90 bcf; 75% of responses were between 75-85 bcf.
  • If correct, this would lag the five-year average build of 104 Bcf for this time of year. It would also narrow the US gas storage surplus
  • Curtailed production has cut the storage surplus, while a recent warming in temperatures and rising gas-fired power demand has tightened the market.
  • Gas-fired power demand was up by around 4 Bcf/din the week to May 24 across the Southern US. However, some additional import flows from Canada and higher production levels added some counterweight.
  • Henry Hub remains bullish for June as a heatwave should drive gas-fired power demand above 35 Bcf/d, Platts said.

Keep reading...Show less