EIA NG STORAGE REPORT
| October 06, 2011
+97 bcf
EIA reported a +97 bcf build for the week ended September 30. This was in line with consensus estimates (Bloomberg median +98 bcf, Bloomberg whisper +96 bcf) but still well above the prior 5-year average (+74 bcf) and the year-ago build (+84 bcf). Even with the NYMEX front month falling 23 cents over the past week to its lowest point since last October, today’s EIA announcement still managed to contribute to another 4 cent drop. However, we believe this week’s build still makes balances app.....
EIA NG STORAGE REPORT
| September 29, 2011
+111 bcf
EIA reported a +111 bcf build for the week ended September 23, the highest weekly build since June 2009. This was well above consensus estimates (Bloomberg median +103 bcf, Bloomberg whisper +106 bcf), the prior 5-year average (+71 bcf) and the year-ago build (+73 bcf). But the drop to $3.68 immediately following the release has already recovered somewhat, suggesting that large builds have already been priced in. Even so, this build does make balances appear looser week on week (which often h.....
EIA NG STORAGE REPORT
| September 22, 2011
+89 bcf
EIA reported a +89 bcf build for the week ended September 16. This was slightly below consensus estimates (Bloomberg median +92 bcf, Bloomberg whisper +93 bcf) but still well above the prior 5-year average (+72 bcf) and year-ago build (+78 bcf). In general, the first build following a holiday week usually implies a sudden tightening as demand recovers from the holiday effect. However, as mentioned in last week’s report, calculating the Labor Holiday effect gets murky due to its placement in th.....
EIA NG STORAGE REPORT
| September 15, 2011
+87 bcf
EIA reported a +87 bcf build for the week ended September 9. This was above consensus estimates (Bloomberg median +82 bcf) and the prior 5-year average (+79 bcf), but still well below the year-ago build (+96 bcf). The market interpreted this as a bearish build, erasing most of the eleven cent gain the October contract made over the past three days. But, comparisons are difficult to make this week for a number of reasons, including 1) hurricane shut-ins, 2) power outages, and 3) the holiday eff.....
EIA NG STORAGE REPORT
| September 08, 2011
+64 bcf
EIA reported a +64 bcf build for the week ended September 2. This was in line with consensus estimates (Bloomberg median +64 bcf, Bloomberg whisper +65 bcf) and the prior 5-year average (+64 bcf), but higher than the year-ago build (+58 bcf). Taking into account demand destruction from Hurricane Irene and other short-term factors, this build makes balances appear about in line with the prior week but still slightly looser than the same week last year. As we move into next week, reductions in d.....
EIA NG STORAGE REPORT
| September 01, 2011
+55 bcf
EIA reported a +55 bcf build for the week ended August 26. This was below consensus estimates (Bloomberg median +60 bcf, Bloomberg whisper +57 bcf) and the prior 5-year average (+60 bcf) but still above the year-ago build (+52 bcf). However, the lower-than-expected build was apparently not enough to lift NYMEX front month prices as we head toward two storage reports that could show large injections given demand destruction from Hurricane Irene, cooler temperatures, and the Labor Day holiday e.....
EIA NG STORAGE REPORT
| August 25, 2011
+73 bcf
EIA reported a +73 bcf build for the week ended August 19. This was just slightly below consensus estimates (Bloomberg median +74 bcf, Bloomberg whisper +77 bcf) but still well above the prior 5-year average (+55 bcf) and the year-ago build (+38 bcf). This build, while in line with the prior week’s build, still makes balances appear loose compared to the same week last year. At this point, closing the year-ago storage deficit by end-October is still very possible and Hurricane Irene could help.....
EIA NG STORAGE REPORT
| August 18, 2011
+50 bcf
EIA reported a +50 bcf build for the week ended August 12. This was just slightly above consensus estimates (Bloomberg median +47 bcf) and the prior 5-year average (+43 bcf) but well above the year-ago build (+28 bcf). On both year-ago and week-ago bases, this build makes balances appear looser; however, it should be noted that both last year’s build and last week’s build were bullish surprises. Even so, this week’s +50 bcf build combined with forecasts for milder weather going forward and a le.....
EIA NG STORAGE REPORT
| August 11, 2011
+25 bcf
That was a bullish surprise! EIA reported a +25 bcf build for the week ended August 5. This was well below consensus estimates (Bloomberg median +35 bcf) and the year-ago build (+36 bcf) as well as below the prior 5-year average (+37 bcf). The market significantly overestimated this week’s build and, immediately following the announcement, the NYMEX front month contract jumped $0.20, hitting the $4.14/mmbtu mark. During the reference week, most of the producing region was — and still is — .....
EIA NG STORAGE REPORT
| August 04, 2011
+44 bcf
EIA reported a bearish +44 bcf natural gas inventory build for the week ended July 29. This build exceeded consensus estimates (Bloomberg median +38 bcf and Bloomberg Whisper of +38 bcf) and the year-ago build (+29 bcf) but fell below the prior 5-year average (+47 bcf). This is the second consecutive week that the market has underestimated the storage build, and, immediately following the announcement, the NYMEX front month contract fell $0.11, breaking below the $4/mmbtu mark for the first t.....