GAZB - Natural Gas: The Weather Is Bullish But There's No Shortage Of Supply
- This Thursday, I expect the EIA to report 2,408 bcf of working gas in storage for the week ending June 4.
- I anticipate seeing a build of 95 bcf, 3 bcf larger compared to the five-year average for this time of the year.
- Over the next 30-day period, total natural gas demand (consumption + exports) is expected to average 91.2 bcf/d, 6.6 bcf/d more than a year ago.
- The total balance should be very tight next week (-8.2 bcf/d y-o-y), but will loosen up the following week to just -0.5 bcf/d y-o-y.
- The annual storage deficit is currently projected to expand by 110 bcf by July 9.
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Natural Gas: The Weather Is Bullish, But There's No Shortage Of Supply