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Natural Gas Storage Projection For Thursday

The Energy Information Administration (EIA) reported that working storage built by 45 billion cubic feet (bcf) last week to end at 2,301 bcf. That was 13.9% lower than a year ago but 13.6% higher than the 5-year average. The build was lower-than-expected and so its supporting natural gas prices today.

Looking forward to Thursday, the gas storage build should be around 57 bcf. That compares favorably to a build of 71 bcf last year and 87 bcf over the past 5 years.

I provide an updated 4-week forecast each week in my Premium service on Seeking Alpha. For more information, click here.