Regarding the EIA report, a number higher than 110 will be viewed as bearish by traders, while a build under 100 could trigger a bullish reaction....The report from the Energy Information Administration:
... Bespoke is estimating a build of 106 Bcf in the report, which falls a few Bcf below consensus. A Wall Street Journal poll of 12 analysts, brokers and traders produced injection estimates ranging from 96 Bcf to 122 Bcf, with an average of 110 Bcf. A Bloomberg survey had a tighter range of forecasts with a median of 111 Bcf, while a Reuters survey landed at a 110 Bcf injection. NGI estimated a 104 Bcf build.
Last year, the EIA recorded a 118 Bcf increase in storage for the similar week, while the five-year average build stands at 103 Bcf....
for week ending May 29, 2020 | Released: June 4, 2020 at 10:30 a.m.
Working gas in storage was 2,714 Bcf as of Friday, May 29, 2020, according to EIA estimates. This represents a net increase of 102 Bcf from the previous week. Stocks were 762 Bcf higher than last year at this time and 422 Bcf above the five-year average of 2,292 Bcf. At 2,714 Bcf, total working gas is within the five-year historical range....MOREAnd the price action in the front (July) at the NYMEX:
1.825 +0.004
