Natural Gas Peak Summer Demand Is Behind Us, No Catalyst Till Winter
Summer peak demand season is now behind us. Power burn demand going forward will start to fall.
For the natural gas market, the summer power burn season proved to be uneventful. Storage injections since the end of May came in at +584 Bcf vs the +500 Bcf 5-year average.
Overall storage remains bloated to the 5-year average despite the lower-than-normal injections we see on the horizon.
Storage Projections
For this week's EIA natural gas storage report, we have +40 Bcf versus Reuter's average forecast of +34 Bcf. This will be lower than the 5-year average of +47 Bcf. EOS is still projected to be 3.875 Tcf, which is above the 5-year average of 3.656 Tcf.