After a fourth consecutive EIA Natural Gas Storage Report showing injections in excess of last year, and The EIA Short Term Energy Outlook now pointing to a 3.8 TCF storage carryout, a glance at the upcoming weekly comparisons is in order.
Yesterday's report revealed a +189 BCF storage surplus over 2018. That would grow to over +500 BCF by end of season if the EIA projections prove out. This translates to an average of about +15BCF per week for the remainder of the season.
With nuclear outages running at about 1BCFED and falling, and hydro beginning to fade in the PNW, the onset of summer should be constructive for NG. Next calendar week should begin the first week of near-normal summer weather, with the first empirical glimpse at the coal/gas balance at higher loads. The shoulder season curves show big gains for gas vs 2018.
