...Traders are looking for a sub-100 Bcf storage injection for the four consecutive week. The consensus is for a storage injection of 37 Bcf.
Natural Gas Intelligence (NGI) says, “Ahead of the report, a Bloomberg survey found injection estimates ranging from 28 Bcf to 46 Bcf, with a median of 36 Bcf. The average of a Wall Street Journal poll was 35 Bcf, with a low estimate of 28 Bcf and a high of 41 Bcf. A Reuters poll found estimates ranging from 28 Bcf to 46 Bcf and an average of 36 Bcf. NGI estimated a build of 35 Bcf.”
“The forecasts compare with a 44 Bcf storage build in the same week last year and a five-year average increase of 37 Bcf.”...The report from the Energy Information Administration:
Working gas in storage was 3,215 Bcf as of Friday, July 17, 2020, according to EIA estimates. This represents a net increase of 37 Bcf from the previous week. Stocks were 656 Bcf higher than last year at this time and 436 Bcf above the five-year average of 2,779 Bcf. At 3,215 Bcf, total working gas is within the five-year historical range....MUCH MOREWhile there is storage available, so no problems similar to those for WTI when Cushing prices went negative, injections are pushing the upper end of the five-year range for this time of year:
Finally, the price reaction via FinViz (5-minute bars):
Currently 1.755 -0.030
Yesterday's top tick was 1.805 and the low print 1.677.
Too fast for the blog