TSX:PNE - Post Discussion
Post by
retiredcf on Aug 04, 2023 9:19am
TD Notes
The Gas Line
Weekly Gas Charts
Inventory Build Slightly Below Expectations and Well Below Seasonal Norm.
Storage levels increased by 14 Bcf w/w versus the consensus expectation of an 18 Bcf injection. This was well below the seasonal norm (41 Bcf). Expectations for next week are for an injection of 30-50 Bcf. This compares with the five-year average injection of 39 Bcf. U.S. gas storage levels are now 11% above the five-year average and 22% above year-ago levels. The storage surplus relative to the seasonal norm and last year has contracted significantly over the past several months. 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 For Third Sequential Week. U.S. production remains at ~102 Bcf/d which is up 2% y/y. The U.S. natural gas rig count dropped by three rigs to 128 (from 131). Active Haynesville rigs was flat w/w (44) and is down from 72 rigs mid-December 2022. Active Marcellus rigs was down by 1 w/w (33).
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