Articles tagged eia storage

Natural gas futures on Monday picked up where they left off last week – slumping amid hefty supply levels and signs of fading demand.

The whopping 326 Bcf of natural gas that utilities pulled from storage in the third week of January amplified concerns that capacity may prove inadequate in coming years as U.S. production further escalates to meet global LNG demand.

Natural gas futures continued to lose ground early Thursday as milder-trending forecasts did little to repair the damage dealt by a material weakening in export demand expectations heading into next year.

Record power burns and elevated gas exports have halved the surplus of Lower 48 working gas in storage since the summer. However, with an expected loosening of supply/demand balances, supply risks are unlikely this winter except in the most severe cold weather scenarios, according to analysts.

Riding positive momentum from the previous session, natural gas futures continued to advance early Thursday as traders shrugged off a potential increase in the Lower 48 storage surplus from the latest government inventory data.

Following three straight days of modest gains on hotter weather and lower production, natural gas futures pushed ahead early Thursday as traders awaited the latest government inventory data.

Natural gas spot prices at Henry Hub will average roughly $9/MMBtu during the fourth quarter before retreating to around $6 on average in 2023 amid rising domestic production, according to the latest projections from the Energy Information Administration (EIA).

Coming off a furious rally in the previous session, natural gas futures pared their gains early Thursday as traders awaited the latest round of government inventory data for more insights into how sweltering temperatures have impacted balances. 

The U.S. Energy Information Administration (EIA) said it would report two weeks’ worth of petroleum supply/demand data on Wednesday following a burst in power that damaged the agency’s hardware and forced the postponement of several reports.

Natural gas futures finished off the short holiday week with another huge leap higher after the latest inventory data confirmed a sluggish start to the injection season. The May Nymex gas futures contract settled Thursday at $7.300, up 30.3 cents on the day. June futures raced 32.7 cents higher to $7.423.