Key Insights
- Working gas in storage grew by 57 Bcf, compared to analyst consensus of +48 Bcf.
- The potential intensification of strike action in Australian LNG projects provided some support to the market, but prices have started to move lower after the release of the EIA report.
- The recent changes in weather forecasts, which indicate that demand may be low in the upcoming days, may put additional pressure on natural gas prices.
On September 14, EIA released its Weekly Natural Gas Storage Report, which indicated that working gas in storage increased by 57 Bcf from the previous week.
Analysts expected that working gas in storage would grow by 48 Bcf, so the report exceeded expectations.
At current levels, stocks are 445 Bcf higher than last year at this time and 203 Bcf above the five-year average of 3002 Bcf.
The current…
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