GAZB - Natural Gas Market: Annual Storage Surplus Continues To Shrink But December Contract Still Looks Overvalued
- Aggregate demand for U.S. natural gas totaled around 629 bcf (or 89.9 bcf/d) for the week ending October 23.
- Aggregate supply of natural gas in the contiguous United States totaled around 664 bcf (or 94.8 bcf/d) in the same week.
- Currently, we expect the EIA to report a build of 41 bcf next week (a final estimate will be released on Wednesday).
- Annual storage "surplus" is projected to shrink by 116 bcf by November 27.
- Storage "surplus" vs. five-year average is projected to shrink by 173 bcf (over the same period).
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Natural Gas Market: Annual Storage Surplus Continues To Shrink, But December Contract Still Looks Overvalued