Working gas in storage was 3,288 Bcf as of Friday, July 29, 2016, according to EIA estimates. This represents a net decline of 6 Bcf from the previous week. Stocks were 389 Bcf higher than last year at this time and 464 Bcf above the five-year average of 2,824 Bcf. At 3,288 Bcf, total working gas is above the five-year historical range.

Estimated injection 1Bcf.

Vs

Actual withdrawal 6Bcf.

The NYMEX September natural gas futures contract jumped 10.6 cents Wednesday to settle at $2.839/MMBtu, boosted by expectations of an atypically small injection into US natural gas storage in the latest reporting week – or possibly even an historic summer withdrawal. “The contract is up because a storage withdrawal is possible, which would make it the third summer draw in history,” said Kyle Cooper, analyst/principal, IAF Advisors. The consensus estimate of analysts surveyed by S&P Global Platts is for an injection of 1 Bcf into underground storage that week, but analysts’ estimates in the survey ranged from a withdrawal of 4 Bcf to an injection of 5 Bcf. The consensus estimate of 1 Bcf would be much less than the 41-Bcf injection reported at this time in 2015 and well below the fiveyear average of 54 Bcf, according to EIA data. A below-average build would mark the 13th consecutive week the injection was less than the historical average. It would also be a new record low for this time of year.

08 05 16 a

08 05 16 b