First up, the estimates going in via FX Empire:
....NGI [Natural Gas Intelligence] is reporting that Bespoke anticipates EIA to report to a draw of 140 Bcf for the week-ended January 22.
“Analysts are broadly expecting a triple-digit pull, though not as big of a decrease as reported a week earlier. EIA recorded a pull of 187 Bcf from storage for the week ended January 15, the largest decrease of the season,” NGI wrote.
“For the latest week, a Reuters poll found estimates ranging from withdrawals of 127 Bcf to 145 Bcf, with a median decrease of 138 Bcf. Bloomberg’s survey of analysts landed at a median decrease of 139 Bcf, with estimates ranging from pulls of 131 Bcf to 143 Bcf,” NGI said....
And the report from the Energy Information Administration:
...Working gas in storage was 2,881 Bcf as of Friday, January 22, 2021, according to EIA estimates. This represents a net decrease of 128 Bcf from the previous week. Stocks were 78 Bcf higher than last year at this time and 244 Bcf above the five-year average of 2,637 Bcf. At 2,881 Bcf, total working gas is within the five-year historical range....
Finally, the price action over the last week (30-minute candles) via the CME:
Last week's "EIA Natural Gas Storage Report", January 22 at 2.441:
With that bigger of the gaps stretching from 2.35 to 2.56 the turnaround could begin at any level now.
Got lucky, that happened to be the day of the intermediate-term low.
