TSX:SDE - Post Discussion
Post by
retiredcf on May 19, 2023 9:12am
TD Notes
The Gas Line
Weekly Gas Charts
Inventory Build Lower Than Expectations; However, Seasonally Normal.
Storage levels increased by 99 Bcf w/w versus Consensus expectations for a 108 Bcf injection. This was largely normal for this time of year (95 Bcf). Expectations for next week are for an injection of 90-110 Bcf, which compares with the five-year average injection of 86 Bcf. U.S. gas storage levels are now 18% above the five- year average and 30% above year-ago levels. Total days of supply sits 9% above the five-year average and 25% above year-ago levels.
U.S. Production Levels Still Increasing; However, Active Rigs Starting to Move Lower. U.S. production remains at ~102 Bcf/d which is near record-highs, up 5% y/y and up slightly w/w. The U.S. natural gas rig count has now dropped to 5% below year-ago levels and is down 16 rigs since last week. Active Haynesville rigs has now dropped to 57 (from 62 last week), which is the lowest since February 2022. Marcellus rigs have also dropped to 39 (from 42 last week) and largely unchanged since late 2022.
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