Powerburn is predicting much larger than expected injections
For the week of April 6-12, my model is projecting a net injection of +51 BCF, up 2 BCF overnight, and 12 BCF greater than the five-year mean injection of +39 BCF. By comparison, the same week last year saw just a +23 BCF injection. This will be the first time since that same week of February 15 that 2012’s Report was bullish relative to 2013, a trend which I expect will continue for the foreseeable future.
Extended Outlook: Weeks of April 13-19 & April 20-26 There are no significant changes to the extended forecast. Well-above average temperatures across the East will persist for the first week of the extended period before moderating to either side of 5 degrees of average by the beginning to the week of April 20-26. Temperatures across the west may begin to warm while readings over the central plains will remain near-to-below average. The overall picture appears very typical for mid-spring. I am expecting injections to run high on a per degree day basis due to depressed powerburn demand secondary to preferential coal use at some plants. For the week of April 13-19, my model is projecting a 74 BCF injection, up 3 BCF overnight and 24 BCF greater than the five-year mean injection of +50 BCF. Finally, for the week of April 20-26, my model is projecting a total injection of +98 BCF, up 1 BCF overnight and 31 BCF greater than the five-year mean weekly injection of 67 BCF.