Thursday, December 10, 2020

EIA Natural Gas Storage Report: Futures Up 6%

First up, the estimates going in, from FX Empire:

...NGI [Natural Gas Intelligence] is reporting a Bloomberg survey of six analysts had withdrawal estimates ranging from 84 Bcf to 99 Bcf, with a median draw of 86 Bcf. A Wall Street Journal poll of 14 market participants showed a withdrawal as low as 82 Bcf, with an 89 Bcf average. Reuters’ survey produced even lower estimates, down to a draw of 70 Bcf, while NGI projected an 84 Bcf pull....

And from the Energy Information Administration:

....Working gas in storage was 3,848 Bcf as of Friday, December 4, 2020, according to EIA estimates. This represents a net decrease of 91 Bcf from the previous week. Stocks were 309 Bcf higher than last year at this time and 260 Bcf above the five-year average of 3,588 Bcf. At 3,848 Bcf, total working gas is within the five-year historical range....

Finally, the price action over the last week (30-minute candles):

https://www.tradingview.com/x/ZjzKsvu0/