–Analysts expect 89 Bcf draw on inventories
| –Double-digit draw would be lower than year ago, five-year averages |
| –Would leave inventories 17% higher than five-year average |
| Analysts and traders expect government data scheduled for release Thursday to show a smaller-than-average draw in natural-gas inventories as warm weather undercuts the peak heating season in key areas of the U.S. |
| The U.S. Energy Information Administration is expected to report that 88.8 billion cubic feet of natural gas were withdrawn from storage during the week ended Jan. 6, according to the average prediction of 18 analysts and traders in a Dow Jones Newswires survey. |
| The EIA is scheduled to release its storage data Thursday at 10:30 a.m. EST. |
| The survey’s median result was a draw of 88.5 billion cubic feet, with a high estimate of a 101-bcf draw and a low of a 72-bcf draw. The withdrawal estimate falls short of last year’s 137-bcf draw in storage for the same week and the 128-bcf five-year average draw for that week. |
| If the storage estimate is correct, inventories as of Jan. 6 will total 3.383 trillion cubic feet, about 17.2% above the five-year average and 13.6% higher than last year’s level for the same week. |
| Warmer-than-normal temperatures have driven withdrawals to come in below average throughout the autumn and winter. Though there was a cold snap last week, overall temperatures have continued to be above normal in most areas of the country, including the northeastern areas that are key markets for gas-fired heating demand. |
Tags: EIA Natural gas storage, energy commodity risk management, energy trading risk management, natural gas statistics, natural gas storage estimate, Storage estimate for Natural Gas Inventory, storage expectation - NG
