EIA's Hefty Storage Build Comes With Asterisk, but Nymex Natural ... - Natural Gas Intelligence
EIA’s Hefty Storage Build Comes With Asterisk, but Nymex Natural Gas Futures Pare Gains Anyway - Natural Gas Intelligence
The U.S. Energy Information Administration (EIA) said natural gas storage inventories increased by a net 72 Bcf for the week ending June 30, but this included a reclassification of 4 Bcf to working gas in the South Central region.
August Nymex natural gas futures, which were trading about 5.0 cents higher day/day at $2.658/MMBtu ahead of the weekly inventory report, quickly erased those gains as the EIA print surpassed estimates ahead of the report. After traders had some time to digest the storage figure, however, the prompt month was back at $2.646, up 3.7 cents on the day.
Prior to the EIA report, published a day later than usual because of the Independence Day holiday, a Reuters poll of 14 analysts produced injection estimates ranging from 56 Bcf to 69 Bcf. The median was a...
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”