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Monday, July 10, 2017
On Friday, the EIA released its weekly Natural Gas Storage Report for the week of June 24-30 and announced that natural gas inventories rose by +72 BCF. The injection was 7 BCF larger than my +65 BCF projection and 6 BCF bearish versus the 5-year average +66 BCF build. Rather than indicate an abrupt loosening of demand, I expect that at least some of the larger-than-expected injection was due to rebalancing from the previous week’s much smaller-than-expected +46 BCF build. Regardless, the East, Pacific, and South Central Regions all saw injections between 3 BCF and 5 BCF bearish versus the 5-year average while the Midwest region saw a bullish +23 BCF injection, 4 BCF bullish. At 2888 BCF, natural gas inventories are now +187 BCF or +7% above the 5-year average while the year-over-year storage deficit fell sharply week-over-week to -285 BCF, the first time that it has been under -300 BCF since March 10. Through the first 14 weeks of the storage injection season, a total of 839 BCF has b…

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Intraday natural gas storage is based on both forecast and observed temperatures as well as early-cycle pipeline data. Today’s projected injection or withdrawal is updated between Midnight and 1 AM and intraday storage changes are updated hourly.

Intraday hottest and coolest temperatures for US cities with a population over 150,000.

Powerburn is natural gas burned for the purpose of electricity generation. During the summer months, it is the leading single component of daily natural gas demand. One of its main uses from an analytical standpoint is a metric for the competitiveness of natural gas versus other fuels. This makes powerburn less temperature-dependent than other elements of natural gas demand and it serves as a useful proxy for the looseness/tightness of the gas market.