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 August ’15 delivery were relatively flat early Thursday morning ahead of the report at $2.692 per mmBtu.
The median estimate of industry analysts is for an injection of 85 Bcf. NatGasInvestor estimates that the injection will total 84 Bcf.
The current range of estimates is for an injection from 79 Bcf to 93 Bcf.
Last week, the EIA reported an injection of 69 Bcf, which was largely in line with analysts’ estimates.
Thursday’s report comes after a rough week for the commodity as all commodities have come under pressure due to the Greece crisis and a rising U.S. dollar. Forecasts have also been showing mild temperatures, leading to lower prices on expectations of weaker demand.
“I’m looking forward to this report because we are at a critical point for prices to set the stage for the rest of the summer,” said Steve Kingston, a reporter for NatGasInvestor.com.
“A large miss today of estimates is likely to send prices back in the $2.50 area over the next week, if not today or tomorrow,” he said.
“At the same time, a beat of estimates could help the commodity regain a $2.8 handle. Other factors will weigh, but this is an important report for prices in my opinion.”
To see the report at 10:30am EST, visit this link.
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