Thursday, March 19, 2020

EIA Natural Gas Storage Report: Meh

First up, the estimates via FX Empire:
...Traders were looking for a much lighter-than-average withdrawal. Natural Gas Intelligence (NGI) reported that a Bloomberg survey showed a median estimate for a 3 Bcf withdrawal, while a Reuters poll landed on a consensus pull of 6 Bcf. Estimates ranged from minus 2 Bcf to minus 11 Bcf. NGI’s model predicted a 1 Bcf withdrawal....
The report from the Energy Information Administration:
Working gas in storage was 2,034 Bcf as of Friday, March 13, 2020, according to EIA estimates. This represents a net decrease of 9 Bcf from the previous week. Stocks were 878 Bcf higher than last year at this time and 281 Bcf above the five-year average of 1,753 Bcf. At 2,034 Bcf, total working gas is within the five-year historical range.  
And the price action from the CME:

Front futures up 3.8 cents at 1.642.