Natural Gas: Storage Report Comes In Slightly More Bullish Than Expectations

Front futures at 2.5725, up 0.0335 (+1.3200%)
First up, expectations via FX Empire:

....Bloomberg analysts are estimating a median build of 81 Bcf with a range of 75 Bcf to 91 Bcf. Reuters analysts are looking or an 82 Bcf injection, with a range of 76 Bcf to 94 Bcf. Intercontinental Exchange EIA Financial Weekly Index futures settled Tuesday at 83 Bcf. Natural Gas Intelligence’s model predicted an 86 Bcf injection. Energy Aspects issued a preliminary estimate of 86 Bcf for this week’s report.....MORE

And from the U.S. Energy Information Administration:

Weekly Natural Gas Storage Report

for week ending September 6, 2019   |   Released: September 12, 2019 at 10:30 a.m.   |   Next Release: September 19, 2019

Working gas in underground storage, Lower 48 states Summary text CSV JSN
														Historical Comparisons
	Stocks billion cubic feet (Bcf)													Year ago (09/06/18)						5-year average (2014-18)
Region	09/06/19			08/30/19			net change			implied flow				Bcf			% change			Bcf			% change
East	739			714			25			25				676			9.3			756			-2.2
Midwest	864			827			37			37				729			18.5			848			1.9
Mountain	183			177			6			6				165			10.9			191			-4.2
Pacific	275			276			-1			-1				249			10.4			303			-9.2
South Central	958			947			11			11				805			19.0			997			-3.9
Salt	199			197			2			2				182			9.3			251			-20.7
Nonsalt	759			749			10			10				623			21.8			746			1.7
Total	3,019			2,941			78			78				2,626			15.0			3,096			-2.5
Totals may not equal sum of components because of independent rounding.

Summary Working gas in storage was 3,019 Bcf as of Friday, September 6, 2019, according to EIA estimates. This represents a net increase of 78 Bcf from the previous week. Stocks were 393 Bcf higher than last year at this time and 77 Bcf below the five-year average of 3,096 Bcf. At 3,019 Bcf, total working gas is within the five-year historical range.....MORE

We'll be back with more after the Weekly Update is released. In the meantime, today's Today in Energy happens to be on natural gas and highlights one of the reasons to be cautious. There is a lot of gas around.
Even just one-or-two tanker loads of LNG that get delayed or postponed could shake up the storage numbers:

September 12, 2019
U.S. natural gas production reaches a new record despite low prices

Source: U.S. Energy Information Administration, Short-Term Energy Outlook; IHS Markit

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U.S. natural gas production continued to increase in August, setting a new daily production record of 92.8 billion cubic feet per day (Bcf/d) on August 19, 2019, according to estimates from IHS Markit. Natural gas production also set a new monthly record in August, averaging more than 91 Bcf/d for the first time. In the latest Short-Term Energy Outlook (STEO), released on September 10, 2019, the U.S. Energy Information Administration (EIA) forecasts dry natural gas production to average 93.4 Bcf/d from September through the end of the year. U.S. natural gas production increased by 7.1 Bcf/d (8%) between August 2018 and August 2019, led by production gains primarily in the Northeast....

...MORE