GAZB - Natural Gas: Bullish Storage Report Ahead; Other Signals Mixed

• This Thursday, I expect the EIA to report 2,484 bcf of working gas in storage for the week ending June 11.
• I anticipate seeing a build of 73 bcf, 14 bcf smaller compared to the five-year average for this time of the year.
• Please note that I am not factoring in PG&E reclassification, which should reduce the implied injection.
• If EIA reports the reclassification without any adjustments, end-of-season storage indices will decline by no less than 51 bcf.
• The total supply-demand balance should be somewhat loose next week (+0.1 bcf/d y-o-y) but will tighten up a bit in the following week to -1.9 bcf/d y-o-y.

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