NGI Estimates Moderate Injection in Latest EIA Natural Gas Storage Report

According to NGI's Entropic Analytics data, the latest US Energy Information Administration (EIA) Weekly Natural Gas Storage Report for the week ended July 24 is expected to show an injection of 35 Bcf, up 3 Bcf from the previous week.

This would be 9 Bcf below the year-ago injection of 44 Bcf and stretch the year/year deficit to 25 Bcf.

However, it would also be 9 Bcf higher than the previous five-year average, pushing that surplus to a robust 192 Bcf.

The market is factoring in this level considering the recent slump in Henry Hub spot market prices, which dropped from $3.315 on July 6 to $2.795 on July 20 before rebounding slightly to $2.860 last week.