US Natural Gas Storage Report - 29 Oct. 2020

US natural gas inventories increased by 29 Bcf for the week ending October 23, compared with the five-year (2015–19) average net increase of 67 Bcf. Working gas stocks total 3,955 Bcf, which is 289 Bcf higher than the five-year average and 285 Bcf higher than last year at this time.

Considering HDD demand in conjunction with surging LNG feedgas demand, analysts predicted a 20-30 BCF withdrawal in next week’s report. Weather forecasts point to a return to normal and above-average temperatures as the calendar flips to November. The weather forecasts should help storage levels and possibly add a few more small injections before the winter heating season truly kicks into gear.

Analysts warn that near-term NYMEX pricing could trade into the $4-$5 range for the peak winter months of Jan21-Mar21.

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Andy Potts

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