MARKET INSIGHT Storage Levels Transfix US Natural Gas Market

摘要

The US gas market continues to focus on possible storage levels entering winter — with outlooks ranging from the weld-busting to anemic — and last week's data added more grist to the mill (WGI May25'16). The US Energy Information Administration reported a 71 billion cubic foot injection for the week ended May 20, bringing the volume of working gas in storage to 2.825 trillion cubic feet (80 billion cubic meters), the highest for the week since the 2010 glut. While bearish in that it exceeded market expectations, it was also bullish, as it was well shy of the 97 Bcf five-year average, dropping the seasonal surplus to 769 Bcf, or 37.4%. The trend could continue: Models for this week's data indicate another undersized build of around 88 Bcf, versus the 98 Bcf five-year average.