KOLD - Natural Gas Market: End-Of-Injection-Season Storage Index Is Now Below Market Expectations

• This Thursday, we expect the EIA to report 3,681 bcf of working gas in storage for the week ending September 18.
• We anticipate to see a build of 67 bcf, which is 30 bcf smaller than a year ago and 13 bcf smaller vs. the 5-year average.
• Annual storage "surplus" is projected to shrink by 198 bcf by October 23.
• Yesterday, for the first time since August 7, our end-of-injection-season storage index dropped below market expectations.
• However, our end-of-withdrawal-season storage index remains above market expectations (for now), but has been trending down lately.

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