Withdrawal slightly greater than expectations – The EIA reported a natural gas withdrawal of 89 bcf, in line with expectations (as per Bloomberg) for a 85 bcf withdrawal and the five-year average withdrawal of 90 bcf. For the comparable week last year, the EIA reported a withdrawal of 64 bcf.
Storage levels still near record highs – Total storage now sits at 3,725 bcf, or 1.5% below last year’s levels for the comparable week of 3,781 bcf, and 9.8% above the five-year average of 3,393 bcf.
Estimate surprises – As expected, price movements have largely been related to estimate surprises but the negative correlation is not perfect given other external factors such as weather, which weigh-in.
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