Thursday, June 5, 2014

EIA Natural Gas Storage Report: Large +119 BCF Injection

Today's storage injection of 119 BCF exceeded estimates of about 112-118, sending gas prices down steeply.  Prices quickly recovered to even.  The storage deficit to the 5 year average closed to within 896 BCF, and the deficit to last year contracted to -737 BCF.
Natural Gas Weekly Storage Report

From this point, average injections begin to taper through the summer heat, and we may have now seen the largest injection that 2014 will witness.  Next week's injection is projected to be near 100, but summer heat should mute the injections for the next three months, and the targeted season-end storage remains near 3.2 TCF.