As mentioned yesterday, for the next few weeks of the injection season temperature is more important than production. But first, a look at the sector that tripped us up last week:...First up, the pre-release estimates from FX Empire:
A consensus of surveys shows that the EIA storage report, due to be released at 14:30 GMT, is expected to show a build of 76 Bcf for the week-ending September 25. This is above the previous week’s reading of 66 Bcf.
NGI is reporting that ahead of Thursday’s report, estimates were running well above the 45 Bcf level as well as last week’s injection. A Bloomberg survey found estimates ranging from 75 Bcf to 86 Bcf, with a median of 78 Bcf, while a Reuters poll found estimates ranging from 74 Bcf to 92 Bcf and a median of 76 Bcf.
A Wall Street Journal survey found estimates from 73 Bcf to 92 Bcf and an average of 80 Bcf. NGI estimated an injection of 80 Bcf. That compares with a 109 Bcf increase in the comparable week last year and a five-year average rise of 78 Bcf....MOREAnd the release from the Energy Information Administration:
Working gas in storage was 3,756 Bcf as of Friday, September 25, 2020, according to EIA estimates. This represents a net increase of 76 Bcf from the previous week. Stocks were 471 Bcf higher than last year at this time and 405 Bcf above the five-year average of 3,351 Bcf. At 3,756 Bcf, total working gas is above the five-year historical range....MOREFinally the price action, which appears to be based on another warm front following on this week's cooler temperatures.
From the CME:
