Energy Update - 08/08/2022 (Plain Text Version)
Gas Flat Despite Bearish Report
Week in review for July 31-August 6, 2022
Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday July 29, 2022, was 2,457 Bcf. This was an increase of 41 Bcf from the previous week, a higher injection than expected. Inventories are still very low, now 268 Bcf lower than last year at the same time, and 337 Bcf below the 5-year average.
Gas prices were close to flat, with power prices falling. The prompt 12-month NYMEX natural gas strip (Sep22-Aug23) was down 0.5% for the week, the 12-month PJM STD 7x24 strip was down 4.0%.