Monday, April 17, 2017

Natural Gas: EIA Weekly Supply/Demand Report

The futures are trading down 3.80 cents at $3.1890. Here's the last two week's action via FinViz:

We'll be back with more later today.

From the Energy Information Administration:

for week ending April 12, 2017   |  Release date:  April 13, 2017   |  Next release:  April 20, 2017   
In the News:
Natural gas stocks end heating season at the third highest level in 10 years
Working natural gas in storage as of March 31, the traditional end of the heating season, totaled 2,051 billion cubic feet (Bcf), according to EIA's Weekly Natural Gas Storage Report data released on April 6. Although this total is 265 Bcf (15%) higher than the five-year (2012-16) end-of-season average, stocks were 427 Bcf (17%) lower than last year's record end-of-season high. Net withdrawals over the heating season (starting November 1, 2016) were 78 Bcf less than the five-year average and 485 Bcf more than withdrawals last year.

A year ago, inventories were the highest on record for the end of the heating season and totaled 2,478 Bcf, 54% higher than the five-year average (2011-15) for that season. For most of 2016 and continuing into the heating season, inventories remained above the five-year average. Inventories hit a new record level of 4,017 Bcf on November 4, only to be bested the following week by the current all-time record level of 4,047 Bcf.

Although the past two withdrawal seasons were unseasonably warm, the total 2016–17 heating season drawdown came much closer to the five-year average than the 2015–16 drawdown, despite the first ever recorded February net injection of 7 Bcf for the week ending February 24. While total demand levels in the 2016–17 heating season were similar to the previous withdrawal season, dry gas production was down by 3%. Residential/commercial and industrial sector consumption levels were similar to last year, which reflects the warmer-than-normal temperatures in both periods; however, consumption by electric generators decreased 2.1 Bcf (8%) and was offset by a 2.0 Bcf (61%) increase in exports from the United States. According to data from PointLogic, exports comprised an average of 6.1% of total demand in the 2016–17 heating season compared with 3.8% of total demand in 2015–16.


(For the Week Ending Wednesday, April 12, 2017)

  • Natural gas spot prices fell at most locations this report week (Wednesday, April 5 to Wednesday, April 12). The Henry Hub spot price fell from $3.21 per million British thermal units (MMBtu) last Wednesday to $2.99/MMBtu yesterday.
  • At the New York Mercantile Exchange (Nymex), the May 2017 contract price fell 8¢ from $3.266/MMBtu last Wednesday to $3.187/MMBtu yesterday.
  • Net injections to working gas totaled 10 Bcf for the week ending April 7. Working natural gas stocks are 2,061 Bcf, which is 17% lower than the year-ago level and 15% higher than the five-year (2012–16) average for this week.
  • The natural gas plant liquids composite price at Mont Belvieu, Texas, rose by 31¢, averaging $6.36/MMBtu for the week ending April 12. The price of ethane, propane, butane, and isobutane all rose by 5%, 6%, 8%, and 7%, respectively. The price of natural gasoline remained flat week over week.
  • According to Baker Hughes, for the week ending Friday, April 7, the natural gas rig count increased by 5 to 165. The number of oil-directed rigs rose by 10 to 672. The total rig count increased by 15, and it now stands at 839....