Friday, April 30, 2021

EIA Natural Gas Storage Report And Weekly Update

Natural gas in storage came in a bit higher than the estimates gathered by FX Empire, 15 Bcf versus a median of the guesses of 8 Bcf. 

First up, from the Energy Information Administration, the Storage Report, April 29, 2021:


Working gas in storage was 1,898 Bcf as of Friday, April 23, 2021, according to EIA estimates. This represents a net increase of 15 Bcf from the previous week. Stocks were 302 Bcf less than last year at this time and 40 Bcf below the five-year average of 1,938 Bcf. At 1,898 Bcf, total working gas is within the five-year historical range. ...MUCH MORE

And, also from the EIA:

Natural Gas Weekly Update
for week ending April 28, 2021 | Release date: April 29, 2021 


Natural gas prices rise in most markets as demand remains robust in response to elevated power generation demand. Temperatures along the Gulf Coast rose late in the report week, with nighttime temperatures in the 70s—up to 12ºF above normal, on Tuesday and yesterday. IHS Markit estimates power generation rose in the Southeast above 10 Bcf/d for the first time since October 28 of last year and in Texas to the highest levels since February 20. The Henry Hub spot price rose 28¢ from $2.65/MMBtu last Wednesday to $2.93/MMBtu yesterday.

Midwest prices rise, as the polar vortex disruption, which developed in late January, continues to affect weather in the region. Temperatures in the region oscillated widely, resulting in relatively rapid shifts from heating demand to cooling demand. These shifts elevated residential and commercial demand for natural gas early in the week and demand for power generation toward the end of the report week as air-conditioning load developed in major consumption centers. Maximum temperatures in Chicago reached 59ºF last Thursday, or 3ºF below normal; dropped as low as 47ºF, or 16ºF below normal on Sunday; and then rose to 78ºF, or 15ºF above normal, on Monday and 86ºF, or 22ºF above normal, on Tuesday. The significantly warmer weather coincided with elevated demand for natural gas for power generation in the Midwest. According to IHS Markit, demand for natural gas for power generation increased from less than 2.4 Bcf/d on Sunday to 3.6Bcf/d on Tuesday and more than 4.1 Bcf/d yesterday as a result. Prices at the Chicago Citygate and across the Midwest rose in response, reaching weekly highs yesterday. At the Chicago Citygate, the price increased 10¢ from $2.68/MMBtu last Wednesday to $2.78/MMBtu yesterday. The Natural Gas Intelligence Midwest Regional average rose by 15¢, from $2.62/MMBtu last Wednesday to $2.77/MMBtu yesterday. Both prices recorded weekly lows on Friday, at $2.60/MMBtu and $2.57/MMBtu, respectively....

U.S. LNG exports are flat week over week. Twenty LNG vessels (seven from Sabine Pass, four each from Cameron and Freeport, three from Corpus Christi, and two from Cove Point) with a combined LNG-carrying capacity of 73 Bcf departed the United States between April 22 and April 28, 2021, according to shipping data provided by Bloomberg Finance, L.P.


We'll get more interested as the withdrawal season kicks in.

Finally, from the CME, the new June futures are up less than a penny at 2.920 (one week chart, 30-minute candles):