Opinion

S&P Global Platts Survey of Analysts Suggests U.S. EIA Data to Show 119-Bcf Draw to Natural Gas Stocks


The U.S. Energy Information Administration (EIA) on Thursday is expected to report a 119-billion cubic feet (Bcf) withdrawal for the week that ended February 16, according to a survey of analysts by S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets.

Responses to the survey ranged for a withdrawal of 110 Bcf to 125 Bcf. The EIA plans to release its weekly storage report at 10:30 am EDT on Thursday.

A 119 Bcf draw would be more than the 92 Bcf withdrawal reported at this time in 2017 but less than the five-year average pull of 145 Bcf.

A withdrawal within analysts' expectations of 119 Bcf would deplete stocks to 1.765 trillion cubic feet (Tcf). The deficit versus the five-year average would shrink to 407 Bcf and the deficit versus last year in the corresponding week would expand to 604 Bcf.

The expected withdrawal is much weaker than the 194 Bcf draw reported by the EIA for the week ended February 9. It dropped inventories to 1.884 Tcf, which was 13.4% less than the year-ago inventory of 2.461 Tcf, and 18.7% less than the five-year average of 2.317 Tcf. Last week's draw of 75 Bcf in the Midwest region was a five-year maximum for the first week in February, accounting for a large part of the market's underestimation for the week.

Milder weather in the East Coast and Gulf Coast significantly dampened demand from the week prior. 

“The EIA's South Central region warmed 7 degrees week over week, which corresponded to a drop in industrial and residential and commercial demand in the south by a combined 2.4 Bcf/d,” said Kent Berthoud, storage analyst with S&P Global Platts. “Although this was offset somewhat by lighter production, the South Central estimated draw decreased by almost half week over week.”

The week in progress looks to feature a much smaller draw as mild weather across the large markets across the eastern half of the US further doused demand. Platts Analytics' supply and demand model is forecasting a 42 Bcf draw for the week ending February 23 compared to the five-year average pull of 118 Bcf for the corresponding week.

Despite the high likelihood of back-to-back bearish withdrawals, NYMEX March natural gas futures climbed 4 cents to $2.656/MMBtu during noon trading on Wednesday.

The weekly analyst survey is conducted by S&P Global Platts' editorial team, and is published every Wednesday, one day ahead of the 10:30 a.m. (ET) Thursday release of the weekly natural gas storage report of the U.S. Energy Information Administration. Platts has been conducting this survey since January 2007. The survey includes 15 to 25 analysts, some on a rotational basis. 

 

**In its weekly natural gas report, the EIA divides the U.S. into five storage regions: East, Midwest, South Central, Mountain and Pacific. The full listing of the states that comprise each can be found here.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

https://platts.com/latest-news

EIAEnergy Information Administration EIAUnited StatesUSnatural gasNatural Gas Stocks

More items from oilvoice


Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice


Posted 6 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 10 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 1 year agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 1 year agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 1 year agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice