EIA NG STORAGE REPORT
| December 17, 2009
+207 bullish
EIA NG STORAGE REPORT The EIA reported a bullish 207 bcf withdrawal for the week ending Dec 11, the largest withdrawal since Jan 2008. The withdrawal was the second consecutive bullish surprise on the heels of last week’s 64 bcf withdrawal. This week’s report came in well above consensus expectations in the 170s and pipeline models that suggested a draw in the 180s. Once again, the Producing Region was the big surprise, drawing a huge 75 bcf, a regional draw that has been exceeded only t.....
EIA NG STORAGE REPORT
| December 10, 2009
-64 bcf (bullish)
EIA NG STORAGE REPORT The EIA reported a bullish -64 bcf storage draw for the week ending December 4, well above market expectations centering on a build in the low-to-mid 40s and even above the range of forecasts in the Bloomberg survey (from -29 to -60 bcf). Pipeline models also called for a build in that range, but the Producing Region surprised with a 24 bcf draw. Two months ago, we argued that the first few storage withdrawals would be likely to be surprisingly large, and this one i.....
EIA NG STORAGE REPORT
| December 03, 2009
+2 bcf
EIA NG STORAGE REPORT The EIA reported a second consecutive +2 bcf storage build for the week ending November 27. Though HDD climbed to 121 on the week from 108 last week (still far below normal), the Thanksgiving holiday cut into natural gas demand to allow for a small net injection on the week. Next week’s report is likely to indicate a net withdrawal, so US inventories have topped out at 3.837 well into November. An incredibly warm November has delayed the start of withdrawal season.....
EIA NG STORAGE REPORT
| November 25, 2009
+2 bcf
EIA NG STORAGE REPORT The EIA reported that US natural gas inventories ticked up 2 bcf last week to 3.835 tcf. In all, a small draw in the East Region was offset by small builds in the Producing region and West. The build was slightly below the Bloomberg median expectation of +5 bcf and on the low end of estimates that ranged from -2 to +16. The build was in stark contrast to last year’s 55 bcf draw and the five-year average 21 bcf draw, but clearly aided by significantly warmer weather .....
EIA NG STORAGE REPORT
| November 19, 2009
+20 bcf
EIA NG STORAGE REPORT The EIA reported a +20 bcf inventory build for the week ending November 13, aided by unseasonably warm weather across the country. The build was in line with consensus expectations (Bloomberg median expectation +19 bcf). Though the weather warmed slightly vs. the prior week, Hurricane Ida prompted a mild disruption in the Gulf of Mexico, leading to a smaller net injection week on week. This week’s report suggests fundamentals consistent with last week’s surprisingly.....
EIA NG STORAGE REPORT
| November 13, 2009
+25 bcf
EIA NG STORAGE REPORT The EIA reported a bearish +25 bcf inventory build for the week ending November 6, emphatically shoving total US inventories above 3.8 tcf for the first time. Though the build came in well above the Bloomberg median expectation of +16 bcf, most market observers seemed to be expecting a build in the low 20s anyway so this report is not entirely a surprise and was likely already priced into the market. That being said, the highest expectation in the Bloomberg survey w.....
EIA NG STORAGE REPORT
| November 05, 2009
+29 bcf
EIA NG STORAGE REPORT The EIA reported that US inventories built by 29 bcf last week, just below consensus expectations (+31 bcf Bloomberg median) and equal to the five-year average build for the week. The build came in below many pipeline scrape models, which had hovered in the mid-30s. Although the market has initially taken the inventory build as bullish, our demand models indicate that this build is consistent with the fundamentals suggested by prior two storage reports. Total US: .....
EIA NG STORAGE REPORT
| October 29, 2009
+25 bcf
EIA NG STORAGE REPORT The EIA reported that US natural gas inventories grew by 25 bcf last week, reaching 3.76 tcf. The build came in slightly below expectations (Bloomberg median expectation +29 bcf) for the second week in a row. The build came in well below the 49 bcf build last year and the 43 bcf five-year average. The weather was roughly similar to last year’s and to the 30-year norm, so this is a good week to compare fundamentals to historical trends. Though the US market does appe.....
EIA NG STORAGE REPORT
| October 22, 2009
+18 bcf
EIA NG STORAGE REPORT The EIA reported a +18 bcf storage injection for the week ending October 16, slightly below consensus expectations (+21 bcf Bloomberg median expectation). Heating demand frequently disappoints during the first shoulder-season cold snap, but the cold weather last week had some real teeth for this time of year. Meanwhile, nuclear maintenance has brought operational capacity down to the very bottom of the prior five-year range, providing some support to gas demand in t.....
EIA NG STORAGE REPORT
| October 15, 2009
+58 bcf
EIA NG STORAGE REPORT The EIA reported a natural gas storage build of +58 bcf for the week ending Oct 9, pushing US inventories above 3.71 tcf. The build came in a bit above market consensus expectations (+53 bcf Bloomberg median). The five-year average build from now until the end of injection season is 172 bcf, which would push national inventories to 3.89 tcf. Weather will largely determine whether the US breaks the 3.9 tcf threshold as very cold weather in the Northeast this week is .....