West Coast Natural Gas Inventories still way below normal

The Energy Information Administration released their weekly report yesterday.

The graph indicates at the upper end of the 5 year, a deeper dive results in something like this...

Mountain and especially the West Coast is way below normal, which is also reflected in the pricing of that region, compared to others.

Although falling week over week, prices in West Coast markets remain elevated and are currently the highest in the United States. The price at SoCal Citygate in Southern California decreased 66 cents from $8.65/MMBtu last Wednesday to $7.99/MMBtu yesterday, and the price at PG&E Citygate in Northern California fell $1.52, down from $7.31/MMBtu last Wednesday to $5.79/MMBtu yesterday.

Generally speaking, about triple the rest of the nation. Some specific issues were colder than normal weather, this past winter, as well as numerous pipeline problems. 

Elsewhere...

TTF and UKG prices continue to ease down across the board. Henry Hub is still drifting lower into prices not seen in over 30 months. As a consumer, I consider that a good thing... if it gets passed on.

Haven't checked UK storage, but Germany is holding steady at 64%, which is more than double this time last year and near 50% higher than the 2016~2020 average for same period. 

It is hard to imagine a repeat of last year's gyrations and LNG shipments don't seem to be affecting Henry Hub. That is not to infer European energy costs are substantially waning. The consumer will likely continue to feel the shock for quite some time. Sorry!

Germany at 64% storage has to recoup the cost of that storage, which was really quite high... and continues to be quite high.