Denver — US natural gas in storage likely fell by a margin much higher than the five-year average once again last week despite the Christmas holiday, which typically douses demand.
The US Energy Information Administration is expected to report a 123 Bcf withdrawal for the week ended Dec. 25, according to an S&P Global Platts survey of analysts.
Survey responses ranged from withdrawals of 107 Bcf to 135 Bcf. EIA plans to release its weekly storage report Thursday.
A 123-Bcf pull would be stronger than both the 87-Bcf withdrawal reported in the corresponding week last year and the five-year average draw of 102 Bcf. A withdrawal within those expectations would decrease stocks to 3.451 Tcf. The surplus to the five-year average would decline to 197 Bcf, and the overhang to 2019 would fall to 242 Bcf. Read more…..
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