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 November ’15 delivery were rising early Thursday morning, increasing almost two cents to $2.537 per mmBtu.
The median estimate of industry analysts is for an injection of 91 Bcf. If actually reported, the injection would be 3 Bcf less than the 2014 reported injection (94 Bcf) and one Bcf less than the five-year average (92 Bcf).
NatGasInvestor.com estimates that the injection will total 92 Bcf. The current range of estimates from industry analysts is for an injection from 86 Bcf to 104 Bcf.
With prices now 14 cents above the commodity’s three-year low made two weeks ago, traders and investors are considering that a bottom may have been in (at least in the short term) for natural gas.
“We have four reporting weeks left in the traditional injection season, including today’s report,” said Steve Kingston, a reporter for NatGasInvestor.com. “The focus now is on the final end-of-injection season storage numbers.”
Natural gas storage levels currently sit at 3,633 Bcf.
“By my calculations and algorithm, I see an injection today of 92 Bcf followed by injections of approximately 80, 60, and 60 to round out the end of the traditional injection season. That puts us right at 3,925 Bcf for EOS. However, some withdrawals are going to be needed by at least the second week of November if we are to stay under four trillion cubic feet for the final number.”
To see the report at 10:30am EST, visit this link.
To contact the reporter for this story, please email email@example.com.