Energy Update - 10/14/2019 (Plain Text Version)
Storage Continues to Climb
Weekly review for October 6 - 12, 2019
On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday Oct 4, 2019 was 3,415 BCF. This was an increase of 98 BCF from the previous week, in-line with expectations. Inventories are now 472 BCF higher than last year at this time, and only 9 BCF below the 5-year average. The rate of storage injections this injection season has been 27% higher than the five year average, steadily erasing the deficit to 5-year average that stood at 565 on 3/8/19. If the increased injection rate continues, next week overall gas in storage will be above the 5-year average for the first time since 9/22/17.
Prices were down this week with the PJM Western Hub 12 Month curve down 2.2% and the NYMEX natural gas 12-month curve down 2.5%.
This past week's market information is provided as a courtesy to our customers and is not indicative of, nor should be relied upon, as representative of future transactions.