Weekly DOE Natural Gas Storage Analysis

• Injections above expectations – The EIA reported a natural gas injection of 103 bcf compared to market expectations (as per Bloomberg) of 93 bcf. This week’s injection was higher than the 66 bcf last year and the five-year average of 77 bcf. Total storage now stands at 3,267 bcf, or 5.3% below last year’s level of 3,449 bcf but 6.2% above the five-year average of 3,075 bcf.
• Shoulder season approaching – Cooling degree days in the U.S. fell from 72 days last week to 41 days this week, below the five-year average of 46 days. This year has had a relatively high number of cooling degree days totaling 1,269 days versus the five-year average of 1,163 and well above last year’s 1,052.