KOLD - Natural Gas: Our Storage Level Outlook Is Still Bearish Relative To Market Expectations

• This Thursday, we expect the EIA to report 1,785 bcf of working gas in storage for the week ending March 12.
• We anticipate to see a draw of 8 bcf, which is 7 bcf smaller than a year ago and 51 bcf smaller vs. the five-year average.
• Over the next 30-day period, total natural gas demand (consumption + exports) is expected to average 93.3 bcf/d, 3.0 bcf/d lower than a year ago.
• Storage deficit relative to the 5-year average is projected to shrink by 132 bcf by April 16.
• Although natural gas is not particularly expensive, we think that the fundamentals are still mostly bearish.

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