Natural Gas Storage Indicator (EIA Report)

What is ‘Natural Gas Storage Indicator – EIA Report’

The U.S. Energy Information Administration (EIA) weekly estimate of working natural gas volumes held in underground storage facilities at the national and regional levels. Changes in these gas inventories on a weekly basis primarily reflect net withdrawals or injections. The report is generally reported every Thursday at 10:30am EST. Unexpected changes such as above-average withdrawals or injections can have an immediate impact on natural gas prices.

Explaining ‘Natural Gas Storage Indicator – EIA Report’

Working gas, the volume of gas in a reservoir that is above the level of base gas, is the amount of gas that is available to the marketplace.
The EIA report shows gas inventories for the reporting week and previous week, as well as the net change, on a national basis and for East, West and Producing regions. It also provides inventories for a year ago and the five-year average for historical comparison.

Natural Gas Storage Indicator (eia Report) FAQ

What time is natural gas inventory report?

The standard release time and day of the week will be at 10:30 a.m. (Eastern time) on Thursdays.

What is the natural gas report?

The EIA Natural Gas Report is a weekly report that the Energy Information Administration (EIA) provides indicating the current supply of natural gas reserves stored underground in the United States. The amount of gas stored in inventory primarily determines natural gas prices.

Are natural gas prices expected to rise?

In its latest Short-Term Energy Outlook (STEO) published October 6, the U.S. Energy Information Agency expects monthly average spot prices to remain higher than $3.00/MMBtu throughout 2021, averaging $3.13 for the year, up from a predicted average of $2.07 for 2020.

How much natural gas is left?

There are 6,923 trillion cubic feet (Tcf) of proven gas reserves in the world as of 2017. The world has proven reserves equivalent to 52.3 times its annual consumption. This means it has about 52 years of gas left (at current consumption levels and excluding unproven reserves).

Why natural gas prices are falling?

The fall in natural gas prices is largely due to the demand and supply which is a very intrinsic factor that decides the price trajectory of the commodity. Moreover, the fall in the GDP in the recent quarter also contributed to the fall in the price of the commodity in the recent month.

Will natural gas make a comeback?

Amid the deepest crisis to face the oil and gas industry in recent memory, US natural gas is heading for a rapid recovery. While the crude oil price is widely expected to remain depressed for coming years, US natural gas prices have the potential to rise rapidly.

What causes natural gas to go up?

Factors on the demand-side are weather (temperatures), economic conditions, and petroleum prices. Cold weather (low temperatures) increases demand for heating, while hot weather (high temperatures) increases demand for cooling, which increases natural gas demand by electric power plants.

Further Reading

  • The Natural Gas Announcement Day Puzzle – [PDF]
  • Natural gas storage forecasts: Is the crowd wiser? – [PDF]
  • High-frequency trading and the weekly natural gas storage report – [PDF]
  • An empirical analysis on the adoption of alternative fuel vehicles: The case of natural gas vehicles – [PDF]
  • Analysis of energy consumption and indicators of energy use in Bangladesh – [PDF]
  • A review on the natural gas potential of Pakistan for the transition to a low-carbon future – [PDF]
  • Greenhouse gas emissions reduction by use of wind and solar energies for hydrogen and electricity production: economic factors – [PDF]
  • Natural gas: an overview of a lower-carbon transformation fuel – [PDF]