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Natural gas market anticipating modest pull from natural gas supply

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Natural gas market anticipating modest pull from natural gas supply

The weekly natural gas inventory report to be released by the U.S. Energy Information Administration at 10:30 a.m. ET on Thursday is expected to outline a modest pull from stocks for the week to Dec. 1.

Analysts and traders surveyed ahead of the release of the upcoming natural gas storage report anticipate a 17-Bcf withdrawal to a 3-Bcf injection for the week ended Dec. 1, with the consensus expectation being a storage withdrawal of 7 Bcf. That will compare to the respective year-ago and five-year average withdrawals of 43 Bcf and 69 Bcf.

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Degree day data from the National Oceanic and Atmospheric Administration for the review week to Dec. 2 reflect unsupportive weather, outlining heating degree days that were 25.6% fewer than normal for the week.

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In the previous week's data, the reported net 33-Bcf withdrawal from natural gas inventories in the Lower 48 during the week ended Nov. 24 was a downside miss against the market consensus ahead of the report's release that called for a 37-Bcf drawdown from stocks, and was below the 43-Bcf withdrawal reported for the same week in 2016 and below the five-year average withdrawal for the week of 47 Bcf.

The latest withdrawal brought the total U.S. working gas supply to 3,693 Bcf, some 309 Bcf below the year-ago level and 107 Bcf below the five-year average storage level of 3,800 Bcf.

The withdrawal anticipated in this week's data would result in a total working gas supply of 3,686 Bcf. The year-on-five-year-average deficit would decrease to 45 Bcf, while the deficit to the year-ago level would drop to 273 Bcf.

Market prices and included industry data are current as of the time of publication and are subject to change. For more detailed market data, including power, natural gas index prices, as well as forwards and futures, visit our Commodities pages.