EIA Insights
Thursday, June 7, 2018
Injection At Expectations
The EIA reported a 92 bcf Injection for the week ending June 1, 2018. The 92 bcf injection was at the average for this week of the year, and in agreement with the average of expectations 92 bcf injection, with a range of a 75 injection to a 100 bcf injection. As we have mentioned before, analysts generally are of the opinion that storage will reach around 3,500 – 3,600 bcf by November, but that will require some substantial above average injections this summer season, which was not the case last summer. See the Injection Distribution and Cumulative Injection charts below.
The computer weather model estimated an injection of 78 bcf suggesting supply was much greater than demand during this past week.
Prices fell with the release of the report and trailed down for rest of the trading day settling at the 2.93 level.
