We were thinking that with the very cold temperatures sliding across the northern tier of states (and less markedly, even down to Texas!) we might actually see a pull from storage but that was not to be.
First up, the estimates going into the report via FX Empire:
...Natural Gas Weather [sic, he means 'Intelligence'] (NGI) is reporting that a Bloomberg survey of six analysts showed injection estimates ranging from 17 Bcf to 39 Bcf, with a median of 37 Bcf. Reuters polled 16 analysts, whose estimates ranged from increases of 17 Bcf to 46 Bcf, with a median injection of 38 Bcf. NGI projected a 42 Bcf injection.
Last year, the EIA recorded an 89 Bcf injection for the similar week, and the five-year average is a 67 Bcf build....
And from the Energy Information Administration:
Working gas in storage was 3,955 Bcf as of Friday, October 23, 2020, according to EIA estimates. This represents a net increase of 29 Bcf from the previous week. Stocks were 285 Bcf higher than last year at this time and 289 Bcf above the five-year average of 3,666 Bcf. At 3,955 Bcf, total working gas is above the five-year historical range. ...
And the price action, one week of 30-minute bars:
The December's are now the front futures with the second-month January's at 3.414 +0.003.
