BoA Weekly Natural Gas Storage Injection Estimate: 16 to 26 Bcf
September 6, 2005
We estimate that the EIA will report a 16 to 26 Bcf injection into U.S. underground natural gas storage for the week ending 08/26/05, compared with injections of 80 Bcf last year, 99 Bcf in 2003, and 58 Bcf the prior week.
Temperatures last week, based on population weighted cooling degree days (CDDs), were roughly 16% warmer than last year, about 16% warmer than the 10-year average, and about 1% cooler than the prior week.
Thus, we believe natural gas storage levels should increase to about 2,654 Bcf. As a result, the year-over-year storage deficit should increase to 110 Bcf, which would also equate to a 80-Bcf surplus versus the 5-year average.
Meanwhile, temperatures through the end of the week are expected to remain above normal throughout the entire country, with the West Coast and Rocky Mountains seeing the warmest temperatures. |
