Happy Storage Day

The EIA reported the weekly storage injection number for the week ending September 27th at +55bcf.  There were a wide range of estimates (53-62bcf) but we are going to call this one in line, but like 19 of 20 so far this summer it was well below the 5 year average.  We still have 6% more natural gas in storage than the 5 year average for this week of the year.

The NYMEX November front month contract was up before the release, and was had a tame reaction after.  November closed up 8 cents to $2.79 US/mm.  Next winter was up 7 cents to $3.33 and summer 2025 was up 4 cents to $3.27.

Heat is no longer really a factor now since we are in autumn, but more important is the fact that producers have not stepped up with more production for the winter season.  Perhaps they anticipate a warm winter like last year.

The only other factor to keep an eye on is the tropical disturbance in the Gulf of Mexico.  Only a 30% chance of organizing into a full storm, but could threaten LNG export facilities.  A slim chance but important to keep in mind.  [WFG]