Free Trial

US Gas Storage To See Net Injection Of 32 Bcf: BNEF Estimate

NATGAS

BNEF estimates that the EIA will report a net injection of 32 Bcf for the week ending Aug. 11.

  • BNEF’s facility sample model predicted a net injection of 31 Bcf, while the weather-based supply and demand forecast expects a net injection of 34 Bcf. The expectation from a Bloomberg survey is for a build of 35 Bcf.
  • Gas demand from US LNG terminals fell by 0.40Bcf/d compared to the last EIA reference week, driven by declines in Corpus Christi and Cameron. Feedgas consumption from LNG terminals has been lacklustre throughout the summer.
  • Power sector gas consumption also fell by 0.92Bcf/d due to weaker cooling demand.
  • Weakness in gas demand from LNG terminals has limited the level of tightness from warmer weather and strong power usage. BNEF continues to forecast that end-of-summer 2023 storage will be above the five-year average.
    • US Natgas SEP 23 up 1.1% at 2.62$/mmbtu

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.