Analysts estimated a withdrawal of 137 Bcf for the week ending January 6. Pre-report near month price up 4% followed by another 2% immediately after the report. Weather forecasts continue to change almost daily.
EIA Natural Gas Storage Data:
The US Energy Information Administration reported a 49 Bcf draw from storage for the final week of 2016 on Thursday, much lower than the five year average of 107 Bcf. Estimates had been from 61 to 131 Bcf. The near month Nymex price had reached almost $4.00/MMBtu on cold weather forecasts in the final week of December. The first day of trading in 2017 saw Nymex natgas prices plunge by the most in almost three years after forecasts suddenly turned milder.
EIA Natural Gas Storage Data:
In the weekly storage report issued by the U.S. Energy Information Administration, storage inventories showed a decrease of 237 Bcf for the week ending December 23rd. The drawdown exceeded expectations from analysts and was the largest seasonal drop since December 2013.
EIA Natural Gas Storage Data:
The U.S. Energy Information Administration reported a 209 Bcf draw from storage inventories for the week ending December 16th. The forecast had been for a lower withdrawal. After a price jump of almost 10% the day before, the market stayed steady after the news. Changing winter weather forecasts throughout N.A. have created a volatile natgas market.
EIA Natural Gas Storage Data:
EIA reported today that U.S. natural gas storage fell by 147 Bcf for the week ending December 9th. Analysts expected storage to fall in the 125-135 Bcf range. The immediate market reaction was a trade price increase of 2%, but the market quickly fell to yesterday’s closing price.
EIA Natural Gas Storage Data:
Working gas in storage was 3,953 Bcf as of Friday, December 2, 2016, according to EIA estimates. This represents a net decline of 42 Bcf from the previous week. Stocks were 51 Bcf higher than last year at this time and 254 Bcf above the five-year average of 3,699 Bcf. Prices initially declined after the report, but ended the day up.
EIA Natural Gas Storage Data:
Source: U.S. Energy Information Administration
The U.S. Energy Information Administration reported a 50 Bcf reduction in storage inventories for the week to November 25th. Initial reaction to the news was an increase of US$0.12/MMBtu (up 3%)
EIA Natural Gas Storage Data
The U.S. Energy Information Administration reported yesterday (a day early because of US thanksgiving) a 2 Bcf reduction in storage inventories for the week to November 18th; the first net withdrawal of the season. Nymex NG reacted with a 2% price increase. Typically storage withdrawals begin slowly around November 1st and escalate as cold winter temperatures arrive. With mild temperatures so far this November, storage operators were able to continue injections much later in the season and as a result set all-time records for gas in storage.
EIA Natural Gas Storage Data:
Large industrial gas users have an option to negotiate favourable rates in exchange for certain commitments such as the option to curtail. An interruptible gas delivery service contract allows gas flow to be interrupted at the option of the utility during periods of peak demand. If you are on an interruptible (non-firm) delivery contract in Ontario, there is always a chance you will get a call instructing you to shut off gas to your facility between December 1st and March 31st. Rate 145, Rate 170 on Enbridge and Rate M5A on Union Gas. Curtailment periods don’t usually happen often (last winter there were 2) however extreme weather conditions do increase the number of curtailment days. During the winter of 2013/14, there were 21 curtailment days. An alternative to turning gas off at your facility is to purchase gas (i.e. Curtailment Delivery Supply – CDS) from an energy supplier such as Go Energy. To be properly prepared make sure you are on all the appropriate notification lists and contact Go Energy to review your options.
Natural Gas Demand Increasing In The Alberta Oil Sands Delivery Area
Up to 25% of natural gas produced in Alberta goes into the oil sands extraction process. A dramatic increase in natural gas demand for the oil sands in Alberta has kept prices at Aeco, Alberta strong. The last week of October gas demand to the oil sands region were the strongest since 2011 and have stayed strong into November. This has also contributed to a 20% decrease in natural gas exports to the US.
US natural gas in storage increased 30 Bcf to 4047 Bcf in the week ended November 11 said the EIA in their weekly storage report issued Thursday. This is an all-time high. The reported injection was above last year’s 26 Bcf build for the same week and above the 3 Bcf five-year average.
Natural gas inventories are now 4.047 Tcf. Last year 3.996 Tcf