North America gas weekly update: Triple-digit storage injections set to appear

Last fall six storage weeks recorded triple-digit injections. This year, only two of the upcoming weekly injections appear poised to climb above 100 bcf. However, an already-existing storage surplus in the current fall creates a much different backdrop for substantial storage builds than last year. The remainder of summer injections through the week ending 3 November are expected to total 600 bcf, 76 bcf more than the five-year average. As a result, the extended storage surplus contraction caused by record summer power demand will not only halt but move into reverse. This weekly natural gas commodity report seeks to explore: • How much is power demand seasonally falling off? • Are heating loads starting to increase? • How long will Cove Point LNG’s outage provide incremental loosening to the market?