Natural gas report week, May 19, 2022.
This week’s injection of 89 Bcf was in line with analysts’ expectations which ranged from 81-92 Bcf. Production fell slightly (down 0.1 Bcf/d) while demand likewise dipped (2.3 Bcf/d). Warmer temperatures contributed to decreased heating-related demand which traded off with power generation as cooling needs grew week-over-week.
With overall storage levels 15.2% below the five-year average, the market remains attuned to weather forecasts. Despite a respectable storage injection, apprehension over stagnant production and warm temperatures drove prices higher across the report week.
Natural Gas Market Report – May 19, 2022
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