GAZB - Natural Gas Market: Annual Storage Surplus Continues To Shrink But The Weather Is Still Bearish
- Aggregate demand for U.S. natural gas totaled around 594 bcf (or 84.8 bcf/d) for the week ending October 2.
- Aggregate supply of natural gas in the contiguous United States totaled around 652 bcf (or 93.2 bcf/d) in the same week.
- Currently, we expect the EIA to report a build of 73 bcf next week (a final estimate will be released on Wednesday).
- Consumption is projected to reach a major seasonal low next week and is then projected to trend higher, but is also currently projected to remain mostly below last year's level.
- The market has adjusted its end-of-withdrawal-season storage expectations to the upside (i.e., turned "less bullish").
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Natural Gas Market: Annual Storage Surplus Continues To Shrink, But The Weather Is Still Bearish