Platts Pre-report Survey of Analysts Suggests U.S. EIA Data will Show an Addition to Natural Gas Stocks of 34 Bcf to 38 Bcf

Washington - November 6, 2013

The U.S. Energy Information Administration (EIA) on Thursday is expected to report a net addition to natural gas storage between 34 billion cubic feet (Bcf) and 38 Bcf for the week ended November 1, according to a Platts survey of analysts.

A number within that range would be larger than the 27-Bcf build in the same week of 2012 and on par with the five-year-average addition of 36 Bcf, according to EIA data. As a result, the 120-Bcf deficit to last year should shrink, while the 58-Bcf surplus to the five-year average is likely to hold steady.

Beyond the consensus, the wider range of analysts’ expectations spanned from injections of 25 Bcf to 44 Bcf.

Bentek Energy's supply/demand model predicts an injection of 35 Bcf for the week, while its pipeline flow model forecasts an addition of 39 Bcf. Bentek is the natural gas and oil analytics unit of Platts, acquired in 2011.

Bentek analysts said that with nationwide natural gas production continuing to hit new record highs, storage injections could continue through much of November.

Citi Futures Perspective analyst Tim Evans agreed. "With the milder temperature outlook, it now looks as though bearish storage comparisons will continue for at least the next few weeks, with the first storage withdrawals of the season pushed off until the end of the month."

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