The Platts pre-report analyst survey suggests US EIA data will show a 193-198 Bcf reduction in natural gas stocks for the latest reporting week Washington, DC - February 4, 2009 The US Energy Information Administration (EIA) on Thursday is expected to report a reduction of between 193 billion cubic feet (Bcf) and 198 Bcf in natural gas storage inventories for the week that ended Friday, January 30, according to a Platts survey of analysts. A drawdown within expectations would compare with last year's 221-Bcf pull and the five-year-average of 183 Bcf, according to EIA. As a result, the 34-Bcf surplus over last year's storage inventory is likely to expand, while the 29-Bcf surplus over the five-year average is expected to narrow. A drawdown above average or above expectations could push natural gas prices higher because it means less gas is available for consumption during the winter heating season. The broader range of analyst expectations for the latest reporting period ranged from withdrawals of 175 Bcf to 216 Bcf. Mike Fitzpatrick, a broker with MF Global, said time is running short for a storage-draining bout of sustained cold weather this heating season. If the weather remains relatively normal through March, he said the market is poised to end the winter well-supplied with more than 1.4 trillion cubic feet of gas in the ground.
The US Energy Information Administration (EIA) on Thursday is expected to report a reduction of between 193 billion cubic feet (Bcf) and 198 Bcf in natural gas storage inventories for the week that ended Friday, January 30, according to a Platts survey of analysts.
A drawdown within expectations would compare with last year's 221-Bcf pull and the five-year-average of 183 Bcf, according to EIA. As a result, the 34-Bcf surplus over last year's storage inventory is likely to expand, while the 29-Bcf surplus over the five-year average is expected to narrow.
A drawdown above average or above expectations could push natural gas prices higher because it means less gas is available for consumption during the winter heating season.
The broader range of analyst expectations for the latest reporting period ranged from withdrawals of 175 Bcf to 216 Bcf.
Mike Fitzpatrick, a broker with MF Global, said time is running short for a storage-draining bout of sustained cold weather this heating season. If the weather remains relatively normal through March, he said the market is poised to end the winter well-supplied with more than 1.4 trillion cubic feet of gas in the ground.