EIA NG STORAGE REPORT
| July 02, 2009
+70 bcf
EIA NG STORAGE REPORT The EIA reported a 70 bcf storage build, in line with our expectations but slightly below the market consensus (Bloomberg median +75 bcf). This is the second consecutive week that the build has come in below market expectations, but our models indicate that w-o-w weather changes fully account for the smaller builds. We see no significant change in underlying fundamentals over the past several weeks, but the market may consider this report as bullish when viewed in.....
EIA NG STORAGE REPORT
| June 25, 2009
+94 bcf
EIA NG STORAGE REPORT The EIA reported a 94 bcf build, in line with our expectations but below market consensus (Bloomberg median expectation +101 bcf and 5yr avg of +84 bcf). Last year’s 85 bcf build occurred during a week with higher cooling loads (63 CDD vs. 46 this year), but beware those who argue that y-o-y balances are tightening. According to our models, this 94 bcf build suggests that very little has changed fundamentally during the past several weeks. Total US: +94 (Bloom.....
EIA NG STORAGE REPORT
| June 18, 2009
+114 bcf (bearish)
EIA NG STORAGE REPORT The EIA reported a bearish 114 bcf build in US natural gas inventories vs. consensus expectations of a 105 bcf build and outside of the range of expectations on Bloomberg (97 to 113 bcf). We expected a build of 110 bcf but noted yesterday that the wide cash vs NYMEX differential that followed from the NYMEX rally created the incentive to store a lot of gas. The producing region didn’t disappoint with an injection of 28 bcf, 5 bcf larger than the injection last w.....
EIA NG STORAGE REPORT
| June 11, 2009
+106 bcf
EIA NG STORAGE REPORT Total US natgas inventories grew by 106 bcf last week (+84 bcf year ago), a bit below consensus estimates of a 110 bcf build (Bloomberg median) and slightly below our estimate of a 108 bcf build. In a market chomping at the bit for bullish news, this week’s report could be supportive, but we reiterate that this 106 bcf build does not indicate any significant fundamental changes from prior weeks. Regionally, the song remains the same with western and producing-region s.....
EIA NG STORAGE REPORT
| June 04, 2009
+124 bcf
EIA NG STORAGE REPORT Today’s EIA storage report came in well above expectations at +124 bcf (Bloomberg median +115 bcf). Because of the Memorial Day holiday, it is difficult to draw clear conclusions on fundamentals for the week. That being said, this is the largest weekly build ever in May--by a full 10 bcf. Once again, builds in all regions came in well above five-year averages and a large producing-region build is signaling catastrophe for late-summer Henry Hub prices. Total US: +1.....
EIA NG STORAGE REPORT
| May 28, 2009
+106 bcf
EIA NG STORAGE REPORT The EIA reported a 106 bcf natural gas build for the week ending May 22, lower than consensus estimates of 111 bcf (Bloomberg median) and slightly lower than our expectation of 109 bcf. As happened the last time the market saw a big surprise, analysts overcompensated in adjusting their projections following last week’s unexpected 103 bcf build. The EIA also reported revisions to the prior three weeks of data, pulling down storage levels by 9 bcf from last week’s r.....
EIA NG STORAGE REPORT
| May 21, 2009
+103 bcf
EIA NG STORAGE REPORT The EIA reported a 103 bcf build, thumping the 94 bcf consensus. Total storage now stands at 2.12 tcf, 514 bcf above last year (32%) at this time and proving that this injection season has quickened its pace. Total US: +103 bcf (Bloomberg median expectation +94 bcf) East: +65 West: +13 Producing: +25 The big story was the East, where storage continues to make headway against last year levels. Stocks there are now 13% ahead of last year at this time and near.....
EIA NG STORAGE REPORT
| May 14, 2009
+95 bcf
EIA NG STORAGE REPORT The EIA reported a 95 bcf build for the second consecutive week, slightly lower than consensus expectations in the high 90s. With total storage now at 2.01 tcf, just 15 bcf (0.7%) below the prior five-year maximum and 497 bcf above year-ago levels, the injection season has certainly kicked off with a running start. Total US: +95 bcf (Bloomberg median expectation +98 bcf) East: +59 West: +13 Producing: +23 Regionally, the story remains the same. Inventories i.....
EIA NG STORAGE REPORT
| May 07, 2009
+95 bcf
EIA NG STORAGE REPORT The EIA reported a storage build of 95 bcf for the week ending May 1, just above the Bloomberg median expectation of 92 bcf. The net injection was 27 bcf greater than the year-ago build, which had equaled the five-year average of 68 bcf. Although the build was only slightly bearish relative to expectations, it suggests that fundamentals should continue to put downward pressure on prices, particularly in light of the 19.5% jump in the prompt contract since hitting a .....
EIA NG STORAGE REPORT
| April 30, 2009
+82 bcf
EIA NG STORAGE REPORT EIA reported an 82 bcf build in natural gas inventories last week, in line with market consensus vs. 77 bcf last year and the five-year average of 69 bcf. Storage now stands at 1.82 tcf, just 51 bcf below the previous seasonal high. Again, western and producing region storage continued to set records 18-19% above the prior five-year high. Producing region storage (805 bcf) is at a level equal to the five-year average for mid-August. Although inventories are brimmi.....