Weekly Natural Gas Storage Report April 30, 2020

Following on the Chesapeake news yesterday the chances of the market seeing our $3.50 target later this year improves a bit as pressure for CHK's "production at any costs" approach for making interest payments subsides a bit.

Front futures up 2.5 cents (1.34%) at $1.894.

First up, the estimates ahead of the report, via FX Empire:

Today’s EIA storage report is expected to come in near the five-year average of 74 Bcf.
NGI reports that a Bloomberg survey of six analysts produced a range of 64 Bcf to 76 Bcf, with a median of 71 Bcf. A Reuters poll of 17 market participants had injections ranging from 59 Bcf to 80 Bcf. NGI also modeled an 80 Bcf build. Last year, the EIA recorded a 114 Bcf injection.

And the report from the Energy Information Administration: for week ending April 24, 2020   |   Released: April 30, 2020 at 10:30 a.m.

Working gas in storage was 2,210 Bcf as of Friday, April 24, 2020, according to EIA estimates. This represents a net increase of 70 Bcf from the previous week. Stocks were 783 Bcf higher than last year at this time and 360 Bcf above the five-year average of 1,850 Bcf. At 2,210 Bcf, total working gas is within the five-year historical range....MORE 

And the price action via the CME: