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 an 89 Bcf injection, which was in line with the consensus expectation for an 88 Bcf injection and in line with the five-year average of a 91 Bcf injection.
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This year, a series of larger-than-historical withdrawals has eroded current storage levels to 15% below the five-year average and 17% 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 (23% below normal levels as measured in days of supply, Exhibit 3). On this metric, we are charting record lows for this time of year.
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Expectations for next week are for an injection of 70-90 Bcf, which compares with the five-year average injection of 84 Bcf.