EIA NG STORAGE REPORT
| December 15, 2011
-102 bcf
EIA reported a larger-than-expected -102 bcf withdrawal for the week ended December 9 (Bloomberg median -92 bcf, Bloomberg Whisper -97 bcf). Price response – or rather the lack of it – to the release makes it difficult to call this a bullish number. The first triple-digit withdrawal of the season clearly marks the end of shoulder season-like pulls, but is still well below the -154 bcf draw during the reference week last year. Total US: -102 bcf ( LCMC -98 bcf; Bloomberg median -92 bcf) East.....
EIA NG STORAGE REPORT
| December 08, 2011
-20 bcf
EIA reported a bullish -20 bcf withdrawal for the week ended December 2. This is the fourth consecutive bullish surprise, with this week’s draw exceeding market expectations (Bloomberg median -12 bcf, Bloomberg Whisper -8 bcf). But this week, the apparent tightening in balances is slightly easier to understand for a number of reasons. Even so, the market seems to be well aware that the draw is still much lower compared to last year’s -79 bcf draw and the prior five-year average -66 bcf draw. A.....
EIA NG STORAGE REPORT
| December 01, 2011
-1 bcf
EIA reported a surprisingly bullish -1 bcf draw for the week ended November 25. This is the first draw of the season and leaves many analysts utilizing pipeline flow models scratching their heads, as most such estimates (including ours) indicated a minor change in inventories for the Consuming East, where EIA reported a -17 bcf draw, resulting in an nationwide draw for the week. Compared to last year’s -21 bcf, as well as the past five-year average of -29 bcf draw, however, this year’s refere.....
EIA NG STORAGE REPORT
| November 23, 2011
+9 bcf
EIA reported a surprisingly bullish +9 bcf build for the week ended November 18. This build was well below expectations (Bloomberg median +19 bcf) for the second week in a row. However, the build was still greater than last year’s -7 bcf withdrawal and the prior 5-year average withdrawal of -7 bcf for the calendar week. In addition, a revision was issued that caused stocks to change from 3,850 to 3,843 bcf for the week ended November 11. Given the revision, this week’s build makes balances ap.....
EIA NG STORAGE REPORT
| November 17, 2011
+19 bcf
EIA reported a surprisingly low +19 bcf build for the week ended November 11. This build was well below expectations (Bloomberg median +27 bcf), but still above the prior 5-year average build (+10 bcf) and the year-ago withdrawal (-1 bcf). After three consecutive weeks of the build exceeding expectations, this week’s bullish announcement sent the NYMEX front month contract up about 7 cents. But, while bullish relative to expectations, this build still pushed U.S. inventories to a new record o.....
EIA NG STORAGE REPORT
| November 10, 2011
+37 bcf
EIA reported a +37 bcf build for the week ended November 4. This build was above expectations (Bloomberg median +32 bcf, Bloomberg whisper +33 bcf), the year-ago build (+26 bcf) and the prior 5-year average (+23 bcf). This was the third consecutive week that the build exceeded market expectations. But this week the bearish build was partly due to circumstances that could prove fleeting. Even so, there is little doubt now that inventory levels will surpass last year’s record 3,837 bcf before t.....
EIA NG STORAGE REPORT
| November 03, 2011
+78 bcf
EIA reported a +78 bcf build for the week ended October 28. This build was above expectations (Bloomberg median +72 bcf, Bloomberg whisper +73 bcf), the year-ago build (+67 bcf) and the prior 5-year average (+35 bcf). The build was bearish, underscoring growth in domestic production. But even as the NYMEX front month dipped down about -6 cents immediately following the release, it recovered almost immediately, currently reaching +9 cents above yesterday’s close. So even as the chances of bre.....
EIA NG STORAGE REPORT
| October 27, 2011
+92 bcf
EIA reported a +92 bcf build for the week ended October 21. This build was above expectations (Bloomberg median +87 bcf, Bloomberg whisper +91 bcf), the year-ago build (+74 bcf) and the prior 5-year average (+47 bcf). After the release, NYMEX front month fell about -6 cents. However, if it were not shoulder-season weather continuing to wreak havoc on weather-based models, the build would likely not have been viewed with such bearishness. Looking forward, while next week’s build will likely .....
EIA NG STORAGE REPORT
| October 20, 2011
+103 bcf
EIA reported a +103 bcf build for the week ended October 14. This build set a new high for the calendar week, reaching well above the year-ago build (+93 bcf) and the prior 5-year average (+58 bcf). However, the combination of fuel switching, nuclear outages and shoulder-season weather continues to wreak havoc on weather models, pushing expectations even higher (Bloomberg median +110 bcf, Bloomberg whisper +108 bcf). Nonetheless, this week’s build appears to indicate (weather-adjusted) balance.....
EIA NG STORAGE REPORT
| October 13, 2011
+112 bcf
EIA reported a +112 bcf build for the week ended October 7. This was above consensus estimates (Bloomberg median +104 bcf, Bloomberg whisper +107 bcf), the year-ago build (+90 bcf), and the prior 5-year average (+72 bcf). But even with the bearish announcement, the NYMEX front month is still up +$0.03 on the day (as the report is written). Weather adjusted, this week’s injection still implies balances in line with the prior week and looser year on year. With mild weather forecast, the next.....