The Platts pre-report analyst survey suggests U.S. EIA data will show a 59 to 63 Bcf build to natural gas stocks for the latest reporting week Washington - August 5, 2009 The U.S. Energy Information Administration (EIA) on Thursday is expected to report an addition of between 59 and 63 billion cubic feet (Bcf) to natural gas storage inventories for the week that ended July 31, according to a Platts survey of analysts. An injection within those expectations would come in slightly greater than last year's 57-Bcf build and less than the five-year-average-injection of 48 Bcf, according to EIA. As a result, the year-on-year surplus -- 571 Bcf as of the week that ended July 24 – is expected to expand, while the 478-Bcf surplus over the five-year average should shrink. The wider range of analyst expectations called for builds of between 50 Bcf to 70 Bcf. "Hotter weather has finally arrived in much of the U.S. Therefore, the EIA will announce its smallest injection since April," predicts Kent Bayazitoglu, director of market analytics for Gelber & Associates. "The pattern of hot weather but not sizzling weather should continue thus lowering injections for the next three to four weeks." Gelber forecasts an injection of 54 Bcf for the week ended Friday. With a total of 3.023 trillion cubic feet (Tcf) in storage, last week marked the earliest in the injection season that stocks had reached the 3-Tcf level.
The U.S. Energy Information Administration (EIA) on Thursday is expected to report an addition of between 59 and 63 billion cubic feet (Bcf) to natural gas storage inventories for the week that ended July 31, according to a Platts survey of analysts.
An injection within those expectations would come in slightly greater than last year's 57-Bcf build and less than the five-year-average-injection of 48 Bcf, according to EIA.
As a result, the year-on-year surplus -- 571 Bcf as of the week that ended July 24 – is expected to expand, while the 478-Bcf surplus over the five-year average should shrink.
The wider range of analyst expectations called for builds of between 50 Bcf to 70 Bcf.
"Hotter weather has finally arrived in much of the U.S. Therefore, the EIA will announce its smallest injection since April," predicts Kent Bayazitoglu, director of market analytics for Gelber & Associates. "The pattern of hot weather but not sizzling weather should continue thus lowering injections for the next three to four weeks." Gelber forecasts an injection of 54 Bcf for the week ended Friday.
With a total of 3.023 trillion cubic feet (Tcf) in storage, last week marked the earliest in the injection season that stocks had reached the 3-Tcf level.