The Platts pre-report analyst survey suggests US EIA data will show a 22 to 27 Bcf reduction in natural gas stocks for the latest reporting week Washington, DC - March 18, 2009 The U.S. Energy Information Administration (EIA) on Thursday is expected to report a reduction of between 22 billion cubic feet (Bcf) and 27 Bcf in natural gas storage inventories for the week that ended Friday, March 13, according to a Platts survey of analysts. A drawdown within those expectations would be smaller than last year's 85-Bcf withdrawal and the five-year average pull of 61 Bcf, according to EIA. As a result, the year-on-year surplus of 271 Bcf and the 197-Bcf surplus over the five-year average each should expand. A withdrawal below average or below expectations could push natural gas prices lower because it means more gas is available for consumption during the remainder of the winter heating season. The broader range of analyst expectations for the latest reporting period ranged from withdrawals of 15 Bcf to 60 Bcf. Some analysts believe this week's report will reflect the final net withdrawal of the 2008-09 heating season. Gerdes Group analyst John Gerdes said he expects EIA reports for the final two weeks of March to show injections between 10 Bcf and 20 Bcf. Several analysts said inventories could end March near or above the 1.695-trillion cubic feet (Tcf) end-of-winter record high that was set March 31, 2006. As of the week ending March 6, inventories stood at 1.681 Tcf, according to EIA.
The U.S. Energy Information Administration (EIA) on Thursday is expected to report a reduction of between 22 billion cubic feet (Bcf) and 27 Bcf in natural gas storage inventories for the week that ended Friday, March 13, according to a Platts survey of analysts.
A drawdown within those expectations would be smaller than last year's 85-Bcf withdrawal and the five-year average pull of 61 Bcf, according to EIA. As a result, the year-on-year surplus of 271 Bcf and the 197-Bcf surplus over the five-year average each should expand.
A withdrawal below average or below expectations could push natural gas prices lower because it means more gas is available for consumption during the remainder of the winter heating season.
The broader range of analyst expectations for the latest reporting period ranged from withdrawals of 15 Bcf to 60 Bcf.
Some analysts believe this week's report will reflect the final net withdrawal of the 2008-09 heating season. Gerdes Group analyst John Gerdes said he expects EIA reports for the final two weeks of March to show injections between 10 Bcf and 20 Bcf.
Several analysts said inventories could end March near or above the 1.695-trillion cubic feet (Tcf) end-of-winter record high that was set March 31, 2006. As of the week ending March 6, inventories stood at 1.681 Tcf, according to EIA.