The U.S. Energy Information Administration (EIA) is set to release its Weekly Gas Storage Report on Thursday at 10:30am EST. Natural gas prices for July ’15 delivery were up slightly Thursday morning ahead of the report to $2.653 per mmBtu.
The median estimate of industry analysts is for an injection of 123 Bcf. If reported, the number would surpass the five year average (2,184 Bcf).
The range of estimates is from 101 Bcf to 130 Bcf. Most traders and investors are predicting a bearish report, but with such a large range, the possibility for a surprise exists.
“Every natural gas trader seems to be bearish on this report,” said Steve Kingston, a reporter for NatGasInvestor.com.
“Any reported injection lower than the median estimate of 123 is likely to send prices substantially higher just because so much bearish sentiment has preceded this report.”
To see the report at 10:30am EST, visit this link.
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