TSX:ARX - Post Discussion
Post by
retiredcf on Oct 06, 2023 9:26am
TD Notes
The Gas Line
Weekly Gas Charts
Inventory Build Below Expectations; Below Seasonal Norm. Storage levels increased by 86 Bcf w/w versus the consensus expectation of a 95 Bcf injection. This was well below the seasonal norm (101 Bcf). Expectations for next week are for an injection of 90-110 Bcf. This compares with the five-year average injection of 101 Bcf.
U.S. gas storage levels are now 5% above the five-year average and 12% above year-ago levels. The storage surplus relative to the seasonal norm and last year continues to contract. In early May, storage was 20% above the five-year average and 30% above year-ago levels.
U.S. Production Remains Largely Flat; Active Rigs Down Two w/w. U.S. production remains at ~102 Bcf/d, which is up 1% y/y. The U.S. natural gas rig count was down two w/w (116). Interestingly, demand data continues to show that Cove Point LNG remains offline due to ongoing maintenance (average demand of 0.8 Bcf/ d in 2023).
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