Friday, March 27, 2020

U.S. Natural Gas Storage Report for March 27, 2020

with all the hoo-haw in equities yesterday we decided to put off posting the storage report until this morning.
First up, the estimates going into the report via FX Empire:
Ahead of the report, a Bloomberg survey showed a median prediction for a 30 Bcf withdrawal, while a Wall Street Journal poll showed an average estimate of minus 27 Bcf. A Reuters survey landed on a 25 Bcf withdrawal, matching the 25 Bcf pull predicted by Natural Gas Intelligence’s model. Estimates ranged from minus 14 Bcf to minus 36 Bcf.
And from the EIA:
Weekly Natural Gas Storage Report
for week ending March 20, 2020   |   Released: March 26, 2020 at 10:30 a.m
Summary
Working gas in storage was 2,005 Bcf as of Friday, March 20, 2020, according to EIA estimates. This represents a net decrease of 29 Bcf from the previous week. Stocks were 888 Bcf higher than last year at this time and 292 Bcf above the five-year average of 1,713 Bcf. At 2,005 Bcf, total working gas is within the five-year historical range....MORE
And the reaction in the futures from the CME:

https://www.tradingview.com/x/aXo8yAgg/

Soon to be front-month May's 1.666 down 0.023 today.