Natural gas futures rallied five out of six sessions leading into Wednesday in large part because of expectations for a paltry storage print this week.
NGI modeled a meager 1 Bcf injection for the week ended Aug. 9. If realized, it would fall 42 Bcf below the five-year average. Initial Reuters’ polling found some analysts projecting a draw, with a pull of 8 Bcf at the low end. Bloomberg’s survey as of early Wednesday landed at a median 1 Bcf increase, with estimates ranging as low as a 3 Bcf pull.
“Almost all of the net change can be attributed to increased power demand in the South Central region,” said NGI’s Pat Rau, Senior Vice President of Research & Analysis.
