The Energy Information Administration (EIA) reported earlier that natural gas in storage as of September 7 was 3,429 Bcf, representing a build of 27 Bcf versus the 3,402 Bcf at the end of August. I believe what is important is that natural gas in storage continues to converge towards the 5-year average. As of September 7, the 5-year average of natural gas in storage was 3,242 Bcf while the average build rate for similar weeks in past periods was 70 Bcf.
To highlight the latest results, the below graph charts the difference in natural gas in storage versus the 5-year average rate.
I continue to believe to that the current natural gas in storage will, at least, converge with the 5-year average later this year, barring no exceptionally warm winter weather.
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