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Storage report to show build well below historical averages

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Essential Energy Insights - September 17, 2020

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Storage report to show build well below historical averages

Theweekly natural gas inventory report to be released by the U.S. EnergyInformation Administration at 10:30 a.m. ET on Thursday, Sept. 29, is expectedto show natural gas inventories building at a still lackluster pace, trailinghistorical average injections considerably.

Analystsand traders surveyed ahead of the release of the upcoming EIA storage reportanticipate a 50-Bcf to 59-Bcf injection, with the consensus expectation being astorage build of 54 Bcf, which is above the previous week's injection of 52Bcf, but well below the five-year average injection of 97 Bcf and the 99-Bcfinjection reported for the same week in 2015.

Coolingdegree day data from the National Oceanic and Atmospheric Administration forthe review week to Sept. 24 reflect weather supportive of demand, outlining51.2% more cooling degree days compared to the same week last year and 106.7%more than normal for the week.

Inthe previous week'sdata, the reported net 52-Bcf injection into natural gas inventories in theLower 48 during the week ended Sept. 16 was above the market consensus ahead ofthe report's release that called for a 49-Bcf build to stocks, and was belowthe 96-Bcf injection reported for the same week in 2015 and the five-yearaverage injection of 83 Bcf.

Thebuild brought the total U.S. working gas supply to 3,551 Bcf, some 140 Bcfabove the year-ago level and 268 Bcf above the five-year average storage levelof 3,283 Bcf.

Theinjection anticipated in this week's data would result in a total working gassupply of 3,605 Bcf. The year-on-five-year-average surplus would shrink to 225Bcf while the surplus to the year-ago level would fall to 95 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.