Natural Gas Storage

Natural Gas Storage

3,351 Bcf
↑ +53 Bcf on the week
↓ −146 vs last year (−4.2%)
↑ +95 vs 5yr average (+2.9%)

Analysis 

+53 Bcf for the week ending September 18, bringing total working gas to 3,351 Bcf. The year over year deficit has widened to 146 Bcf (4.2%), and the five year surplus has narrowed to 95 Bcf (2.9%).

South Central salt at 217 Bcf is now 27.2% below year ago and 12.5% below the five year average, pulling the broader South Central region below its five year average at negative 1.7%. Back in early August, salt was 10% above the five year average.

Wednesday’s settle at $3.023 has nat gas above both the 20 day ($2.912) and 50 day ($2.831) moving averages, with the 200 day still overhead at $3.127. RSI at 53.5 is neutral. A close above $3.066, Wednesday’s session high, opens the door toward the 200 day near $3.13, while a break below the 50 day at $2.83 targets a retest of the mid August low near $2.69.