Thursday, June 11, 2020

EIA Weekly Natural Gas Storage Report June 11

First up, the estimates ahead of the report:
...A Bloomberg poll of nine analysts found injection estimates ranging from 91 Bcf to 99 Bcf, with a median of 94 Bcf, on par with the five-year average. A Wall Street Journal survey produced an average of 93 Bcf injection. NGI estimated a 96 Bcf build.
Last year, the EIA recorded a 107 Bcf increase in storage for the similar week....MORE
From the Energy Information Administration:
Working gas in storage was 2,807 Bcf as of Friday, June 5, 2020, according to EIA estimates. This represents a net increase of 93 Bcf from the previous week. Stocks were 748 Bcf higher than last year at this time and 421 Bcf above the five-year average of 2,386 Bcf. At 2,807 Bcf, total working gas is within the five-year historical range.
And finally the price action/reaction at the NYMEX via parent CME:

https://www.tradingview.com/x/ByTK44fR/
We didn't see a lot of uncertainty from the computers, none of the 10 cent swings stuff just fairly steady buying pressure. 1.816 up 0.036 last.