....Looking ahead to Thursday’s U.S. Energy Information Administration (EIA) weekly storage report, analysts are projecting a build somewhere in the 40 Bcf range, which would come in far below the year-ago injection and thus provide “a material reduction” in the year/year storage surplus, according to Mobius Risk Group.
Furthermore, daily data for the current week, which is to be reflected in the April 30 EIA report, indicates a “very low risk” of topping triple-digits and a possibility that the build would be less than 75 Bcf.
While there are still a few milder days left in the week that could alter the projection, “considering the comparable week last year saw an injection of 114 Bcf, there should be consecutive storage surplus reductions,” Mobius said....
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...A Bloomberg survey showed estimates ranging from 32 Bcf to 51 Bcf, with a median build of 44 Bcf. A Wall Street Journal poll of 12 analysts saw projections as low as 11 Bcf, though the survey produced an average build of 38 Bcf. A Reuters survey ranged from 11 Bcf to 55 Bcf, with a median injection of 39 Bcf. The Natural Gas Intelligence (NGI) model predicted a build of 51 Bcf....And the report, from the Energy Information Administration:
for week ending April 17, 2020 | Released: April 23, 2020 at 10:30 a.m.
Working gas in storage was 2,140 Bcf as of Friday, April 17, 2020, according to EIA estimates. This represents a net increase of 43 Bcf from the previous week. Stocks were 827 Bcf higher than last year at this time and 364 Bcf above the five-year average of 1,776 Bcf. At 2,140 Bcf, total working gas is within the five-year historical range.And the price action this week in the soon-to-roll-off May futures, From the CNE:
Soon to be front month Junes, 1.953 +0.011.
Coming up, the Weekly Update.
