Thursday, August 13, 2020

EIA Natural Gas Storage Report, August 13: Coin Flip With Slight Upside Bias

First, FX Empire offers up a condensed version of their roundup of estimates going into the release:
According to a consensus estimate, this week’s Energy Information Administration (EIA) weekly storage report is expected to show a 51 Bcf injection. Meanwhile, Energy Aspects is estimating a 60 Bcf injection in its preliminary report.
Last year, the EIA recorded a 51 Bcf injection for the similar week, and the five-year average is a build of 44 Bcf, according to government records....
And from the Energy Information Administration:
....Working gas in storage was 3,332 Bcf as of Friday, August 7, 2020, according to EIA estimates. This represents a net increase of 58 Bcf from the previous week. Stocks were 608 Bcf higher than last year at this time and 443 Bcf above the five-year average of 2,889 Bcf. At 3,332 Bcf, total working gas is above the five-year historical range....
We'll post the afternoon-released EIA Natural Gas Weekly Update tomorrow morning with an especial interest in whether LNG shipments have begun ticking up.

And finally the price action via the CME, one week of 30-minute prints: