Natural gas report week, June 30, 2022.
This week’s injection of 82 Bcf came in above analysts’ expectations which ranged from 69 Bcf to 80 Bcf. Comparatively, last year’s injection and the five-year average of net injections is 73 Bcf. Current storage totals 2,251 Bcf which is 12.5% below the five-year average.
July moved off the board Tuesday, June 28th, settling the month at $6.551/Dth. Prompt month is now August which, at the time of publication, is trading at $5.888/Dth.
Demand- Total demand down slightly from last week, with LNG dropping by 0.2 Bcf/d and total LNG shipments down by one carrier from last week. This week’s LNG export capacity totals 62 Bcf. Total outbound carriers are down by four from the same week last year.
Power generation demand up by 0.5 Bcf/d from last week and up 3.6 Bcf/d over last year.
Production – Production up 0.4 Bcf/d week-over-week to 95.9 Bcf/d, up 3.2 Bcf/d over last year. Imports from Canada remain unchanged from last week.
Storage Forecast – The average rate of injections into storage is 5% lower than the five-year average at this point in refill season (which traditionally runs April through October). If the injection rate matches the five-year average of 8.3 Bcf/d through October 31, natural gas supply will total 3,323 Bcf, 322 Bcf lower than the five-year average of 3,645 Bcf.
July moved off the board Tuesday, June 28th, settling the month at $6.551/Dth. August settled Thursday at $5.424/Dth, down $1.074 from Wednesday’s close at $6.498/Dth and down 85.9 cents over the prior week.
Settled Thursday at $5.179/Dth, down 74.4 cents from the prior week.
The summer strip (AUG22-OCT22) settled at $5.657/Dth, down 61.6 cents from the week prior. The winter forward (NOV22-MAR23) settled Thursday at $5.590/Dth, down 74.5 cents from the week prior.
Calendar Years 2022/2023/2024
CY22 settled Thursday at $5.666/Dth, down 66.0 cents from the prior week.
CY23 settled Thursday at $4.720/Dth, down 52.2 cents from the prior week.
CY24 settled Thursday at $4.392/Dth, down 35.6 cents from the prior week.
Settled Thursday at $105.76/barrel, down $1.49 from the prior week.
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