每周天然气库存增加符合预期

USA | Energy Weekly Natural Gas Inventory Build In-Line WithExpectations EIA L48 natural gas inventories built109bcfWoW to2,707bcf, largely in linewith Bloomberg's median estimate of108bcf. Total gas storage is now~9%belowlast year's level. •East Region built33bcfWoW to531bcf. This compares to603bcffor year-ago week. Storageis~12% belowyear ago.•Midwest Region built29bcfWoW to608bcf. This compares to712bcffor year-ago week.Storage is~15% belowyear ago.•Mountain Region built5bcfWoW to210bcf. This compares to224bcffor year-ago week.Storage is~6%below year ago.•Pacific Region built5bcfWoW to266bcf. This compares to276bcffor year-ago week. Storageis~4% belowyear ago.•South Central Region built36bcfWoW to1,091bcf. This compares to1,159bcffor year-agoweek. Storage is~6% belowyear ago. The enclosed document graphically breaks down L48 US and Canadian natural gas inventories,natural gas spreads by hub, LNG send-outs, power demand, and international gas storage, whilecomparing EIA data to weekly, quarterly, and year-ago levels. Lloyd Byrne * | Equity Analyst(212) 323-7528 | lloyd.byrne@jefferies.com Sam Burwell, CFA * | Equity Analyst+1 (212) 284-2114 | sburwell@jefferies.com John Edelman * | Equity Analyst(212) 336-7412 | jedelman@jefferies.com Emma Schwartz * | Equity Analyst1 (212) 336-7254 | emma.schwartz@jefferies.com Tara Bleustein * | Equity Associate+1 (212) 323-7595 | tbleustein@jefferies.com Roger Agarwal ^ | Equity Associate+1 (647) 588-5370 | ragarwal4@jefferies.com Giacomo Romeo ‡ | Equity Analyst44 (0) 20 7548 4727 | giacomo.romeo@jefferies.com EQUITY RESEARCH |Energy EIA Weekly Natural GasStatus Report Data Lloyd ByrneEquity Analystlloyd.byrne@jefferies.com John EdelmanEquity Analystjedelman@jefferies.com Emma SchwartzEquity Analystemma.schwartz@jefferies.com Sam Burwell, CFAEquity Analystsburwell@jefferies.com Tara BleusteinEquity Associatetbleustein@jefferies.com Summary Summary Total L48 Inventories Analysis (Continued) Gas Power Demand US Regional Breakdown Natural Gas Inventories–Lower 48 & East Region Natural Gas Inventories–Midwest & Mountain Regions Natural Gas Inventories–Pacific & South Central Regions Natural Gas Inventories–South Central Salt & Non-Salt Canadian Gas Inventories Canadian Natural Gas Inventories-Total Canadian Natural Gas Inventories–Western & Eastern Canada Summary Forward Curves Forward Curves Backwardation vs Contango Natural Gas Spreads Natural Gas Spreads–Henry Hub Natural Gas Spreads–Waha& Marcellus Natural Gas Spreads–AECO & Houston Ship Channel Natural Gas Spreads–Chicago & Michigan City Gate Natural Gas Spreads–Oneok& Leidy Natural Gas Spreads–Dominion South & TETCO Zone M2Receipts Natural Gas Spreads–TETCO M2 & M3 Natural Gas Spreads–Transco Zone 6 NY & non-NY Natural Gas Spreads–OPAL & CIG Mainline Natural Gas Spreads–PG&E & SoCal City Gate Natural Gas Spreads–Dawn Ontario & Empress Alberta Natural Gas Spreads–Emerson & Katy Hub Natural Gas Spreads–Transco Station 85 &TetcoWest LA Natural Gas Spreads–Transco Station 65 & Tennessee 500 Natural Gas Spreads–Houston Ship Channel & Dominion North International Gas European Gas Inventories LNG Net Flows Disclaimer AnalystCertification I,LloydByrne,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport. I,EmmaSchwartz,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport. I,JohnEdelman,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport. I,SamBurwell,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport. I,TaraBleustein,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport. AsisthecasewithallJefferiesemployees,theanalyst(s)responsibleforthecoverageofthefinancialinstrumentsdiscussedinthisreportreceivescompensationbasedinpartontheoverallperformanceofthefirm,includinginvestmentbankingincome.Weseektoupdateourresearchasappropriate,butvariousr