The weekly natural gas inventories set a new-record high on Oct. 25 at just under 3,700 Bcf, registering 17.8 percent above the prior year’s levels. However, the seasonal build may be coming to an abrupt halt in the first week of November as a pocket of extreme cold descends across much of the northern Plains.
Winter Storm Bessie swept across the Great Lakes this past week, bringing snow to Chicago and northern Michigan. However, more extreme cold is expected this week and the Dakotas, Minnesota, and Michigan may see freezing temperatures extending over several days.
With only a few more weeks remaining in the traditional stocks-building time of year, we might see some regions across the U.S. begin reporting lower natural gas inventories as heating days begin. Stocks will likely peak near the 3,800-3,900 Bcf range in 2019 as we head into winter.