The natural gas market stagnated as the price of the Henry Hub as well as United States Natural Gas (UNG) moved in an unclear trend during last week. Is the recent strong buildup in storage enough to keep drag down natural gas prices? Or will prices remain at their current range in the near term? Let’s examine the latest changes in the natural gas market.
Injection to storage remains high
In the past week the buildup to storage was 88 Bcf; the underground natural gas storage was 2,307 Bcf, which was 21.7% below the 5-year average, according the latest EIA weekly update. Last week’s injection was still 42 Bcf higher than the 5-year average. Since the start of the buildup season, the total injection was significantly higher than in recent years as indicated in the table below.
The rest of this analysis is at Seeking Alpha
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