The EIA reported a draw of – 134 Bcf in natural gas storage this week. Inventories are expected to peak this year at 3.24 Tcf: 14% below the 5-year average, the lowest level in at least a decade. Meanwhile Mexican exports near record high as we watch LNG shipments.
The EIA reported a draw of -134 Bcf in natural gas storage this week. Inventories are expected to peak this year at 3.24 Tcf: 14% below the 5-year average, the lowest level in at least a decade. Meanwhile Mexican exports near record high as we watch LNG shipments.
From here weather models focus on cold meaning an outside number is a big chance. The focus will continue on Sabine Pass and Mexico and perhaps LNG exports given Trade Wars are the overhang du jour.
Technically after holding the weekly support $2.522 is, the .618 retracement of the move up from $1.611 to $3.994 we broke the weekly triangle and $3.50, the .618 retracement of the move down from $3.994 to $2.522. With that basing and energy we moved higher to almost $5.00, note the KnovaWave confluence of technicals, fundamental and herd or wave psychology inside. In natural gas the Marcellus break-even is $2.50 and $3.50 is the Haynesville break-even. Both those levels were also impulse exhaustions.
EIA’s Weekly Gas Storage Report. Report Date: 11/15/18
- Via TradersCommunity.com
- Release Time: Wednesday November 21 2018 12:00 ET
- Actual – 134 Bcf Prior +39 Bcf
- Consensus Forecast -112 Bcf
- Cons. Range: -123 to -98 Bcf
- EIA swap: -118 to -119 @ CT 15.13
Current Storage Level vs. Last Year; 5-Yr
- Current Storage Level: 3,208 Bcf
- Storage 2016/Same Week: 3708
- 5Yr Avg/Same Week: 3829
Natural Gas DCOT futures only managed money traders WoW change
-15041 longs +4430 shorts -19471 net change 81% net long (from 83% net long)
Read Understanding Commitments of Traders Reports – COT, TFF and DCOT to help understand the disaggregated reports (DCOT) and how they break down the reportable open interest positions into four classifications:
1. Producer/Merchant/Processor/User 2. Swap Dealers 3. Managed Money 4. Other Reportables
U.S. Natural Gas Use By State
++Charts via RonH @RonH999
Platts Analytics (Bentek) Models
- Bentek S/D Model: -112 Bcf
- Bentek Flow Model: -122 Bcf
“ Cold comfort as inventories are expected to peak this year at only 3.24 Tcf: 14 percent below the five-year average, and the lowest level in at least a decade. Modeled estimates for residential and commercial demand added almost 20 Bcf to this storage week, largely focused across the Midwest. The Southcentral sample is still reporting massive injections, bolstered by the salt domes, which typically reach peak levels around the end of December..” – Bentek
- Bloomberg Survey -105
- DJ Survey –
- Reuters Survey -98
- Platts Survey –
Banks and Brokers
- Tim Evans Citigroup -99
- Macquarie -121
- Raymond James –
- TFS –
- AgWxMan -120
- Jacob Meisel –
- Shane Bolling –
- Genscape -123
- Gabe Harris –
- Kidduff Report -106
- CJS Analytics –
- Shura Li – Pira –
- Robry825 -97
- 125WMARION –
- NG Junkie –
- Norse –
- Andrea Paltry -120
- Point Logic –
- RonH –
- Schneider Electric –
- Donnie Sharp Huntsville –
- Trade Mechanics -116
- Andy Wiessman – 121
It’s never about a single Inventory report. It’s the accumulation of Inventory reports that expose reality….
RonH Data with @ronh999
Natgas Production for the month
Natgas inventory for the week
Natural Gas pwCDD + gwHDD for EIA Report Week
Natural Gas for LNG for EIA Report Week
Natgas Pipeline Flows, Exports and Receipts
In September the US exported 24 loads from Sabine & Cove Point combined of LNG Est 82.5 Bcf. .
In July the US exported 29 loads from Sabine and Cove Point combined of LNG Estimated 102 Bcf. 3.29 Bcf/day. Highest for a month ever.
Key Pipeline Flows and Receipts – Incl Rover and Sabine – check daily with Ron @ronh999
- Freeport LNG moved up starting date of Train 1 to 2Q 2019.
- Corpus Christi LNG moved up starting date of Train 1 to 4Q 2018.
Nuclear Output – check daily with Ron @ronh999
Sources: TradersCommunity Research
From the Traders Community News Desk