EIA Natural Gas Storage Report: November 1, 2018
The EIA reported a net gas storage injection of 48 BCF this morning for the week ending October 26, 2018. This week’s report was below the market’s expectation, which was centered around a 50 BCF injection. It is bullish against 65 BCF injection in this same week last year and bullish against the five-year average injection of 62 BCF.
Natural gas inventories currently stand at 3,143 BCF, which is 623 BCF less than from this same week last year and 638 BCF below the five-year average.
In national news, LNG Limited has delayed its investment decision of the Magnolia LNG export terminal in Louisiana due to China’s 10% tariff on U.S. LNG, which took effect September 24, 2018. It will be escalated to 25% in January 2019, in retaliation to U.S. tariffs. The company is hoping trade wars will settle in 2020 and will then reevaluate the multi-billion dollar project.
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