- For the week ending 2/11, we have a storage draw of -180 Bcf.
- Natural gas storage draws were revised lower today by 65 Bcf. The weather outlook over the next 15-days will be trending towards a mildly warmer than normal setup.
- EOS has been updated to 1.52 Tcf.
- Looking at estimated storage builds during the injection season, the latest ICE report has ~3.6 Tcf as the estimate for Nov 2022.
- On a net basis, higher production should be absorbed by the increases in demand this year. We see the market at just a small deficit of 0.5 Bcf/d during the injection season. This means that on balance, natural gas prices will remain elevated as the absolute storage level will be lower than the five-year average.
For further details see:
Natural Gas Production Recovers And What Natural Gas Balances Look Like For The Rest Of The Year