GAZB - Natural Gas: Annual Storage Deficit Is Projected To Expand By 513 Bcf By March 19
- This Thursday, we expect the EIA to report 2,277 bcf of working gas in storage for the week ending February 12.
- We anticipate to see a draw of 241 bcf, which is 100 bcf larger than a year ago and 99 bcf larger vs. the five-year average.
- Natural gas consumption reached a major seasonal peak yesterday and is now projected to decline swiftly (-30% by Feb. 27).
- Production is still at multi-year lows, but a recovery in production is expected to be as sharp and dramatic as was the decline.
- It is going to be extremely difficult to estimate storage flows (draws) for the weeks ending Feb. 12, Feb. 19, and Feb. 26.
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Natural Gas: Annual Storage Deficit Is Projected To Expand By 513 Bcf By March 19