Natural Gas Storage Is Headed For The 2022 Lows
As weather models remain bullish.
Mother Nature isn't playing around this time around. Unlike the previous years where torch (bearish) patterns have best described heating demand, this year's persistent colder-than-normal weather has aided the natural gas bulls.
In the most recent ECMWF-EPS update, weather models remain bullish with heating demand materially higher than the seasonal norm. The implied deficit today is around ~40 Bcf/d with the figure going higher next week.
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ECMWF-EPS TDD Table
ECMWF-EPS TDD Chart
6-10 Day
10-15 Day
15-Day Cluster
Looking past the 15-day, ECMWF-EPS long-range outlook suggests the bullish weather will continue.
15-22 Day
Source: Weatherbell
22-29 Day
Source: Weatherbell
This forecast period will last into mid-March, which will give natural gas bulls the leg up they need to sustainably keep natural gas prices higher.