Injection Tops Market Expectations, Gulf Coast Express Starts Service Natural gas storage inventories increased 102 Bcf for the week ending September 20, according to the EIA’s weekly report. This is higher than the market expectation, which was an injection of 92 Bcf. Working gas storage inventories now sit at 3.205 Tcf, which is 444 Bcf above inventories from the same time last year and 47 Bcf below the five-year average. Prior to the storage report release, the October 2019 contract was trading at $2.475/MMBtu, roughly $0.027 lower than yesterday’s close. At the time of writing, post report, the October 2019 contract was trading at $2.399/MMBtu. Natural Gas News Kinder Morgan announced yesterday the start-up of the Gulf Coast Express pipeline. The pipeline runs from the Permian to the Gulf Coast, delivering gas near Corpus Christi. The pipeline is the first gas pipeline to hit the market to help relieve the gas pipeline bottleneck in the Permian. On day one of service on September 25, deliveries from El Paso to Gulf Coast Express ramped up to 0.78 Bcf, more than double the prior day’s delivery of 0.36 Bcf/d. The gas coming from Gulf Coast Express hits interconnects and will be used… continue reading
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Source: CTRM Center