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Summary
Working gas in storage was 2,678 Bcf as of Friday, July 16, 2021, according to EIA estimates. This represents a net increase of 49 Bcf from the previous week. Stocks were 532 Bcf less than last year at this time and 176 Bcf below the five-year average of 2,854 Bcf. At 2,678 Bcf, total working gas is within the five-year historical range.
Natural gas prices finish above $4 for the first time since late 2018, ending today’s session 1.1% higher at $4.003/mmBtu.
The market began the session lower and even extended those declines mid-morning when the EIA reported a larger-than-normal storage injection last week that highlighted moderately weak, mid-summer demand. But investors quickly shrugged off that bearish sentiment and buying resumed late in the session as investors focused on what could be a hotter-than-normal August in some key consumption regions such as North Texas and part of the South.
Prices are now nearly 60% higher year-to-date
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