TD Notes The Gas Line
Weekly Gas Charts
In the following charts, we summarize the key data points of North American natural- gas supply and demand dynamics. In this week's edition, we highlight the following:
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This week, we observed a 33 Bcf withdrawal, which was in line with the consensus expectation of a 28 Bcf withdrawal, but higher than the five-year average of a 2 Bcf withdrawal.
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This year, a series of larger-than-historical withdrawals has eroded current storage levels to 17% below the five-year average and 22% below year-ago levels. This was a direct result of cold winter weather.
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U.S. storage levels remain tight when compared with domestic/foreign demand (25% below normal levels as measured in days of supply, Exhibit 3).
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Expectations for next week are for an injection of 20-40 Bcf, which compares with the five-year average injection of 15 Bcf.