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Natural gas storage survey implies little change for 1st week of April

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Natural gas storage survey implies little change for 1st week of April

Theweekly natural gas inventory report to be released by the U.S. EnergyInformation Administration at 10:30 a.m. ET on Thursday, April 14, is expectedto show natural gas inventories nudged slightly lower overall during the weekto April 8.

Thesurvey of analysts and traders leading up to the release of the latest EIAfigures outlines a net change for the review week ranged from a 13-Bcfwithdrawal to as much as a 10-Bcf build, with a consensus expectations for anet 1-Bcf withdrawal for the week. The 1-Bcf pull would compare against afive-year average injection of 22 Bcf and the 49-Bcf injection reported for thesame week in 2015.

Theslight draw would reflect a week that saw 30.1% more heating degree dayscompared to the same week in 2015 and 13.1% more than normal, according toNational Oceanic and Atmospheric Administration degree day data for the week toApril 9, as winter-like weather returned to major heat-consuming regions.

Inthe previous week's data,the EIA reported a net 12-Bcf injection into natural gas inventories in theLower 48 during the week ended April 1 that was above consensus expectationsand better than historical averages.

Lastweek's injection compared against the five-year average withdrawal of 19 Bcfand the prior-year injection of 6 Bcf, and brought total U.S. working gassupply to a fresh end-of-withdrawal-season record high of 2,480 Bcf, beatingthe previous record of 2,473 Bcf set on March 31, 2012. Stocks are 1,008 Bcfabove the year-ago level and 874 Bcf above the five-year average storage levelof 1,606 Bcf.

The1-Bcf pull anticipated in this week's data would result in a total working gassupply at 2,479 Bcf, tightening the year-on-year surplus to 958 Bcf and theyear-on-five-year average surplus to 851 Bcf.

Market prices and includedindustry data are current as of the time of publication and are subject tochange. For more detailed market data, including our power,naturalgas and coalindex prices, as well as forwardsand futures,visit our Commodities Pages. To view detailed EIA Weekly Natural Gas Storagedata, go to our Natural GasStorage Page.