Thursday, September 3, 2020

EIA Natural Gas Storage Report: Time To Start Paying Attention To the Weather

I mean people always pay attention to the weather,* hell, gorillas pay attention to the to the weather,** but in this case we are looking for evidence of cooler than normal temperatures during the heating season. TL;dr: not yet
More on this tomorrow, in the meantime the injection estimates going into the storage report via FX Empire:
....According to Natural Gas Intelligence (NGI), a Bloomberg survey found injection estimates ranging from 29 Bcf to 43 Bcf, with a median of 37 Bcf, while at Reuters poll found estimates ranging from 25 Bcf to 43 Bcf and a median of 35 Bcf.
NGI estimates an injection of 32 Bcf, on par with Bespoke Weather Services prediction.
And the report from the Energy Information Administration:
Working gas in storage was 3,455 Bcf as of Friday, August 28, 2020, according to EIA estimates. This represents a net increase of 35 Bcf from the previous week. Stocks were 538 Bcf higher than last year at this time and 407 Bcf above the five-year average of 3,048 Bcf. At 3,455 Bcf, total working gas is above the five-year historical range.

For information on sampling error in this report, see Estimated Measures of Sampling Variability table below.....MORE
Working Gas in Underground Storage Compared with Five-Year Range
 
*World's Oldest Weather Report Found in Egypt: It Was Raining, People Were Crabby

**And from Columbia South Carolina's The State:
This month’s rain has caused problems for plenty of people around Columbia. Including Riverbanks Zoo’s gorilla family.

Video posted by Riverbanks shows the gorillas huddled under an enclosure as heavy rains pour down on May 3. After cautiously peeking out from the one dry spot in their habitat, the gorillas one by one decide to make a run for it, sticking close to the wall to avoid exposure....MORE


Oops, sorry. I got caught up watching that silverback make his move. Talk about your charismatic megafauna. Here's the price action after the report from the CME:
Up a penny+ on the front futures, 30-minute bars.
https://www.tradingview.com/x/GYqfi3CQ/