Happy storage day! The EIA reported an injection of +53 Bcf, which is exactly the 5-year average for this time of year. Safe to say the breakneck pace of early injection season is done for now. As of July 10, there is 3,006 Bcf of gas in the lower 48’s storage, which is up 6.1% from the 5-year average of 2,833 Bcf, but down from last year’s historic season by a margin of 5.8%. Storage remains says ahead of average, but not by a gap comparable to last year.
The NYMEX’s front month of August rebounded and then some since yesterday’s close at $3.214 US/MMbtu which saw a drop of $0.126 US/MMbtu, but has since rebounded by about $0.01 US/MMbtu since this morning and is currently trading at $3.349 US/MMbtu as of writing this update.
Looking at temperatures ahead, this summer is setting out to be quite warm with the Midwest of North America seeing average temperatures, so the US and Eastern Canada remain quite warm as cooling demand picks up. See you tomorrow! (AA)