On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday, June 19, 2020 was 3,012 BCF. This was an increase of 120 BCF from the previous week. Inventories are now 739 BCF higher than last year at this time, 466 BCF above the 5-year average. Levels are rapidly approaching the top of the 5-year range.
Along with the lowest Henry hub spot prices not seen since 1998, near-term prices were down sharply this week with the NYMEX natural gas 12-month strip (Jul20-Jun21) down 6.1% and PJM Western Hub 12-month strip down 3.6%.