Thursday, April 2, 2020

EIA Natural Gas Storage Report: Focus Chnge, Oversupply to Demand Destruction, Same Result

First up, the pre-release forecasts via FX Empire:
Estimates ahead of the EIA report have ranged widely from a withdrawal as small as 16 Bcf to as large as 31 Bcf. Bloomberg analysts are looking for a 31 Bcf draw. A Wall Street Journal survey calls for a 26 Bcf pull and the Natural Gas Intelligence (NGI) model estimates a 10 Bcf draw.
Last year, the EIA recorded a 6 Bcf injection for the similar week, while the five-year average stands at a withdrawal of 19 Bcf.
And the report:
Working gas in storage was 1,986 Bcf as of Friday, March 27, 2020, according to EIA estimates. This represents a net decrease of 19 Bcf from the previous week. Stocks were 863 Bcf higher than last year at this time and 292 Bcf above the five-year average of 1,694 Bcf. At 1,986 Bcf, total working gas is within the five-year historical range....MUCH MORE 
From the CME:
Last: 1.5605 -0.0265(-1.6700%)
https://www.tradingview.com/x/V4O6ZDxq/