CERI Commodity Report Natural Gas

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1 February 1 CERI Commodity Report Natural Gas US LNG: An Update Paul Kralovic February, 1 is an important date in the liquefied natural gas (LNG) landscape in the US, marking the beginning of a shift from a net importer to a net exporter. The tanker Asia Vision is transporting approximately 3 billion cubic feet (Bcf), or 1, cubic meters of LNG, from Cheniere s Sabine Pass LNG facility in Louisiana to Brazil, making it the first-ever domestically-produced LNG export from the Lower-. It is not, however, the first domestically-produced export from the US. The Kenai LNG export terminal, located in the Cook Inlet area, began operations in 199. Though the facility was mothballed by ConocoPhillips in 11, it was restarted in 1 due to high demand, primarily from Japan. 1 In fact, the Kenai LNG was authorized to export the equivalent of BCF of LNG in February 1 over the next two years. With a series of LNG exporting facilities currently under construction, the shift to a net exporter will likely occur quickly, possibly as early as 17. Interestingly, the last time the US was a net exporter was In the June-July 15 issue of CERI s Commodity Report Natural Gas, the article The Changing LNG Landscape in the US, explored the construction and approval of six LNG liquefaction facilities in the US and the plethora of proposals waiting in various stages of the regulatory approval process. This article will provide an update to the LNG situation in the US. Approved (and Proposed) LNG Export Terminals in the US As of end-march 1, there are six export facilities that are approved by the US Department of Energy (DOE) and CERI Commodity Report Natural Gas Editorial Committee: Paul Kralovic, Dinara Millington, Megan Murphy, Jon Rozhon, Allan Fogwill About CERI The Canadian Energy Research Institute is an independent, not-for-profit research establishment created through a partnership of industry, academia, and government in Our mission is to provide relevant, independent, objective economic research in energy and related environmental issues. For more information about CERI, please visit our website at or contact us at info@ceri.ca. the Federal Energy Regulatory Commission (FERC) and are already under construction: Sabine (Cheniere-Sabine Pass LNG), Hackberry (Sempra-Cameron LNG), Freeport (Freeport LNG), Cove Point (Dominion-Cove Point LNG), Corpus Christi (Cheniere-Corpus Christi LNG) and Sabine Pass Liquefaction. A seventh export facility, the Southern Union-Lake Charles LNG, has been granted FERC approval; DOE authorization is still pending and the facility is expected to be in service in. 5 Of the six export facilities under construction, Sabine Pass LNG is leading the way, with Train 1 operational in February 1. Cheniere began construction of Trains 1 & in August 1 and Trains 3 & in May 13. Train 1 was initially scheduled to be operational in late-15 but was delayed. Trains & 3 are scheduled to come online in 1. 7 Each train has a production capacity of approximately.5 million tonnes per annum (Mtpa). Sabine Pass LNG s foundation clients include BG Group (Shell), Gas Natural Fenosa (Spain), KOGAS (Korea), and GAIL (India). 9 Sabine LNG s first export cargo, however, was purchased by Petrobras, the Brazilian state-owed oil and gas producer. Sempra-Cameron LNG, located in Hackberry, Louisiana, received approval from the DOE to export up to 1 Mtpa, or approximately 1.7 Bcfpd, of domestically produced natural gas, and received authorization from FERC to operate a liquefaction facility in June 1. 1 Three trains are planned, with Trains 1, & 3 coming online in early, mid and late 1, respectively. 11 The planned expansion (Trains & 5) is currently in the application process and, if approved, will increase the facilities capacity to.9 Mtpa, or 3.53 Bcfpd. 1 Freeport LNG will have a production capacity of 13.9 Mtpa (or approximately Bcfpd) and is scheduled to be operational in The project was granted FERC and DOE final approvals in November 1 and is expected to be in commercial operation of its first liquefaction train in 1, followed by Trains & 3 being completed in February 19 and August 19, respectively. 1 The fourth export terminal currently under construction is Cheniere s Corpus Christi LNG export terminal. The

2 Page liquefaction project is comprised of five trains, with a total capacity of.5 Mtpa, or approximately 3. Bcfpd. 15 Construction began on May 13, 15 and is slated to be completed in 1. 1 Current projections suggest that the first LNG cargo is expected in The project received FERC approval on April, 15 and was originally slated to include only three trains. 1 In June 15, Cheniere Energy announced plans to expand by adding two trains (Trains & 5); the expansion project is slated for completion in Corpus Christi LNG s foundation clients include Pertamina (Indonesia), Endesa (Spain), Iberdrola (Spain), Gas Natural Fenosa (Spain), Woodside (Australia), EDF Energy (UK) and EDP (Portugal). Cove Point, located in Maryland, is the only export terminal under construction that is not located in the US Gulf Coast. Cove Point began receiving LNG from Algeria in 197 and after a period of disuse the facility was transformed to store domestic natural gas. Dominion Cove Point LNG received approval in May 15 to build a liquefaction facility to export domestic natural gas. 1 Construction of the 5.5 Mtpa facility began in 1 and is scheduled to be operational in 17. Cove Point has -year agreements with Sumitomo Corporation (Japan) and GAIL (India). 3 Sabine Pass Liquefaction is a subsidiary of Cheniere Energy Partners (recall Cheniere is also building and operating Sabine Pass LNG and Corpus Christi LNG) and includes Trains 5 &, with Train 5 under construction. Sabine Pass Liquefaction is a 1. Bcfpd facility that has FERC approval and is located at Sabine Pass, Louisiana, adjacent to the aforementioned Sabine Pass LNG. 5 All of the above-mentioned LNG export terminals are slated to be operational in the next several years, delivering as much as 1. Bcfpd to world LNG markets. With the exception of the.1 Bcfpd greenfield export terminal in Corpus Christi, the remaining export terminals under construction are former import or regasification terminals. These brownfield liquefaction projects hold a significant capital cost advantage because many engineering and infrastructure costs were sunk in years past when these sites were being built for regasification purposes. It is important to note that while the current planned additions are fueled by a glut of natural gas and advances in drilling and hydraulic fracturing technology and techniques, the situation in the US was quite different a decade ago. Driven by a shortage of natural gas, the US was in the process of approving and building LNG import or regasification terminals, satisfying domestic thirst for natural gas amidst decreasing US production. In addition, however, there are currently another proposed export terminals in the US, eight of which are pending applications and the remainder are in the prefiling stage. 7 Of the eight pending applications, six are located in the Gulf of Mexico, one on the southeast coast (Elba Island, Georgia) and one in Oregon (Oregon LNG is located in Astoria, Oregon). It is important to note that on March 11, 1, FERC rejected the second Oregonbased LNG export terminal, the Jordan Cove LNG application in Coos Bay, Oregon. Of the thirteen projects in pre-filing, ten are located in the Gulf of Mexico, with the exception of three facilities proposed in Robbinston, Maine, Jacksonville, Florida and Nikiski, Alaska. 9 A single proposed export terminal is pending approval from the US Maritime Administration (MARAD)/ US Coast Guard; the Delfin LNG export facility is a proposed floating LNG terminal to be located in the Gulf of Mexico and lies outside the jurisdiction of the FERC. A Notable Lack of Fanfare Sabine Pass LNG s first cargo shipment, destined for Bahia Regas Terminal in northeastern Brazil, passed with little or no fanfare. In part, the shift in the LNG landscape in the US is occurring amidst plunging prices of crude oil and natural gas. The current economics of export are challenging, resulting in many of the current proposed LNG export facilities to be postponed or cancelled. While there are several reasons why LNG export projects may not go through, such as environmental challenges or opposition from gas-intensive industries, the lower oil prices are certainly eroding the spread between US and global prices, particularly as low oil prices have reduced the cost of oil-linked contracts that still dominate the industry. The price of natural gas has followed suit. The shale gas revolution combined with abundant reserves within Canada and the US means that natural gas prices have declined steadily over the past several years and is now less expensive in North America compared to other regions. The gap, however, is shrinking. Figure 1 illustrates global natural gas prices dating back to January. The figure shows AECO-C, Henry Hub,

3 Page 3 Europe Border and Japan LNG. The Europe Border price is the European Union s natural gas import price while the Japan LNG price is the average LNG import price. Prevailing prices reported in the graph are averages of all supplies and largely reflect long-term contracts that price natural gas in terms of a linkage to crude oil. The European Border import price is the average border price, including the UK, and as of April 1 includes a spot price component. 3 Figure 1: Natural Gas Spot Prices (Henry Hub) Source: CGA 31 As of March 1, 1, the Henry Hub spot price is US$1.79 per MMBtu. 3 Likewise, the monthly average for March 1 is US$1.99 per MMBtu. Aside from a monthly average of US$1.93 per MMBtu in December 15, March 1 is the lowest average price since March While international prices are higher, they are dropping quickly. The Europe Border price decreased from US$1. per MMBtu on April 3, 13 to only US$.9 per MMBtu on February 9, 1. 3 Similarly, the Japan spot price decreased from US$1.5 per MMBtu on December 31, 1 to US$9. per MMBtu on February 9, Compounding lower prices, global demand for LNG has decreased, led by a 5 percent decrease of LNG shipments for Japan, South Korea and China in Japan and South Korea s decrease is led by a lower demand for gasfired generation, while China s lower imports are due in part to a slowing economic growth and an increase in pipeline imports from natural gas-rich neighbours. 37 It is not a coincidence that the majority of liquefaction projects are located in the Gulf of Mexico, poised to take advantage of the expansion of the Panama Canal, to be completed in mid-1. The US$5. billion expansion project is large enough to handle the vast majority of the global LNG fleet, cutting the costs and time for LNG vessels departing the US east coast and Gulf of Mexico to Asian markets of Japan, South Korea and China. The new dimensions will likely open Atlantic Basin LNG to Asian markets. Those markets, however, are currently satisfied by either Middle Eastern or Pacific-Australian Basin LNG. With six liquefaction facilities operational in Australia as of January 1, and four more under construction (not including Shell s Prelude project), 3 Australia is an up and coming LNG power. If all of the Australian liquefaction is built and comes online as scheduled, more than 1 Bcfpd of LNG will be delivered to customers by the end of 17. Leading the charge for Middle Eastern LNG is Iran. With untapped natural gas resources and the lifting of economic sanctions, Iran is waiting to develop its hydrocarbon infrastructure. While the projects are not shovel ready, over the next decade it appears that the region s production will remain at approximately 13.5 Bcfpd. 39 It is also important to mention that much of Asian natural gas demand could be met by Russia via pipeline when finished and fully operational. Arguably, the most probable destination for US LNG is Europe. The US may benefit from high European import demand and its desire to minimize its reliance on Russian natural gas. As a result, the US is expected to send about 55 percent of LNG volumes to Europe. Currently, the majority of natural gas supply in Europe is met by Norway, Russia and Algeria. 1 The liquefaction facilities in the US Gulf Coast are equally poised to take advantage of its proximity to European markets. For example, whereas almost all Australian contracts are fixed-destination, US players can ship almost anywhere in the world, highlighting the destination flexibility of Henry Hub contracts for US producers and shippers. Globally, regasification facilities are being built rapidly, with more than 9 facilities either on-stream or under construction; a further 35 are planned or proposed. And while it is unlikely all the US LNG export projects will go ahead as market conditions have certainly changed, a potential range of LNG export capacity somewhere between 1 Bcfpd and 3 Bcfpd is within the realm of possibility for the US over the coming decade. Without doubt, the US is poised to become one of the prominent LNG players over the next decade.

4 Page Endnotes 1 A Barrel Full website, Kenai Alaska LNG Terminal, abarrelfull.wikidot.com/kenai-alaska-lng-terminal The Maritime Executive website, U.S. Approves ConocoPhillips LNG Exports from Alaska, February 1, 1, ibid FERC, North American LNG Import/Export Terminals: Approved as of March, 1, industries/gas/indus-act/lng/lng-approved.pdf 5 Oil and Gas Financial Journal, US LNG Exports, February 1, 1, features/us-lng-exports.html Cheniere Website, Sabine Pass LNG, Trains 1 &, ibid ibid 9 ibid 1 Cameron LNG Website, Project Timeline, cameronlng.com/project-timeline.html 11 ibid 1 Cameron LNG Website, Liquefaction Expansion, cameronlng.com/liquefaction-expansion.html 13 Freeport LNG website, The Project, Freeport LNG website, Project Status and Schedule, Cheniere Website, corpus-christi-project/ 1 Cheniere Website, corpus-christi-project/liquefaction-project-trains-1-3/ccschedule/ 17 Cheniere Website, Project Schedule, ibid 19 Cheniere Website, Corpus Christi Liquefaction, Stage 3 Under Development, Cheniere Website, Corpus Christi Project, Dominion Cove Point LNG Website, Cove Point, ibid 3 ibid Cheniere Website, Sabine Pass LNG, Train 5 &, FERC, North American LNG Import/Export Terminals: Approved as of March, 1, industries/gas/indus-act/lng/lng-approved.pdf FERC, North American LNG Import/Export Terminals: Approved as of March, 1, industries/gas/indus-act/lng/lng-approved.pdf 7 FERC, North American LNG Export Terminals Proposed, Approved as of March, 1, industries/gas/indus-act/lng/lng-proposed-export.pdf Bloomberg website, US Rejects Multibillion Dollar Jordan Cove Gas Export Plan, March 11, 1, Jonathan Crawford and Naureen Malik, articles/1-3-11/u-s-rejects-veresen-s-5-3-billion-jordancove-gas-export-plan 9 ibid 3 Quandl website, Natural Gas Price, Europe US$/MMBtu, -Natural-gas-Price-Europe-mmbtu (Accessed on February 15, 1) 31 Canadian Gas Association, Gas Stats, Chart Global Natural Gas Prices, Price data from graphic is sourced from the US Federal Reserve, World Bank and the CGA, wp-content/uploads/1/3/chart--global-natural-gas- Prices.pdf 3 InvestmentMine, Historical Natural Gas Prices and Price Chart, natural-gas/all/ 33 Energy Information Administration, Henry Hub Natural Gas Spot Price, 3 Quandle website, Natural Price, Europe, Natural-gas-Price-Europe-mmbtu 35 Quandle website, Natural Price, Japan LNG Price of Natural Gas, -Natural-Gas-Price 3 IHS, Weak demand, low prices may spark LNG project cancellations, March, 1, Joseph Bonney, ibid 3 APPEA website, Australian LNG Projects, Rozhon and Fogwill. P. 1. BP Statistical Review of World Energy, 15. P.. Bloomberg website, More Than Half of US LNG Is Destined for Europe, WoodMac says, Bloomberg Business, Anna Shiryaevskaya, January 1, 1, news/articles/1-1-15/more-than-half-of-u-s-lng-isdestined-for-europe-woodmac-says 1 Oil & Gas Journal website, Today s lower prices don t doom future US LNG exports, panel says, Nick Snow, February 9, 1, Global LNG Information website, World s LNG Liquefaction Plants and Regasification Terminals (As of March 1), terminals.pdf.

5 Page 5 Henry Hub/AECO-C Beginning of Next Month Spot Price (US$/MMBtu) Henry Hub/Chicago Beginning of Next Month Spot Price (US$/MMBtu) 1 Differential Henry Hub AECO-C 1 15 Differential Henry Hub Chicago Jan-5 Jul- Jan- Jul-9 Jan-11 Jul-1 Jan-1 Jul Jan-5 Jul- Jan- Jul-9 Jan-11 Jul-1 Jan-1 Jul-15 SOURCE: CERI, Platts Gas Daily Price Guide. SOURCE: CERI, Platts Gas Daily Price Guide. Henry Hub/Rockies Beginning of Next Month Spot Price (US$/MMBtu) Chart Title Henry Hub/Southern California Beginning of Next Month Spot Price (US$/MMBtu) Differential Henry Hub Rockies Jan-5 Jul- Jan- Jul-9 Jan-11 Jul-1 Jan-1 Jul-15 Differential Henry Hub Southern California Jan-5 Jul- Jan- Jul-9 Jan-11 Jul-1 Jan-1 Jul-15 SOURCE: CERI, Platts Gas Daily Price Guide. SOURCE: CERI, Platts Gas Daily Price Guide.

6 SOURCE: Canadian Gas Association. SOURCE: CERI, Canadian Gas Association, Statistics Canada. Page Canadian Heating Degree Days 5-Year Avg US Heating Degree Days 5-Year Avg SOURCE: NOAA. SOURCE: CERI, NOAA, EIA. Canadian Heating Degree Days vs Residential and Commercial Consumption Degree Days BCFPD 1, 7 Degree Days Consumption 1, Jan-9 Jan-1 Jan-11 Jan-1 Jan-13 Jan-1 Jan-15 Jan-1 US Heating Degree Days vs Residential and Commercial Consumption Degree Days BCFPD 1, Degree Days Consumption 1, Jan-9 Jan-1 Jan-11 Jan-1 Jan-13 Jan-1 Jan-15 Jan-1 CERI Commodity Report - Natural Gas

7 SOURCE: NOAA. SOURCE: Environment Canada. SOURCE: NOAA. SOURCE: Environment Canada. Page 7

8 CERI Commodity Report - Natural Gas SOURCE: Environment Canada. SOURCE: NOAA. SOURCE: NOAA. Page

9 SOURCE: Statistics Canada. SOURCE: Statistics Canada, NEB. SOURCE: EIA. SOURCE: EIA. Page 9 Canadian Consumption By Sector (Bcfpd) 1 Industrial & Power Commercial Residential Jan-9 Jan-1 Jan-11 Jan-1 Jan-13 Jan-1 Jan-15 US Consumption By Sector (Bcfpd) 1 Industrial Electric Power Commercial Residential 1 1 Jan-9 Jan-1 Jan-11 Jan-1 Jan-13 Jan-1 Jan-15 Canadian Marketable Production By Province/Region (Bcfpd) BC, Yukon, NWT AB SK E. Coast Jan-9 Jan-1 Jan-11 Jan-1 Jan-13 Jan-1 Jan-15 US Marketable Production (Bcfpd) 9 US Total Louisiana GOM Federal Waters Texas Jan-9 Jan-1 Jan-11 Jan-1 Jan-13 Jan-1 Jan-15

10 Page 1 BC, Yukon, NWT Marketable Production (Bcfpd) Saskatchewan Marketable Production (Bcfpd) Alberta Marketable Production (Bcfpd) East Coast Marketable Production (Bcfpd) SOURCE: Statistics Canada, NEB. SOURCE: Statistics Canada, NEB. SOURCE: Statistics Canada, NEB. SOURCE: Statistics Canada, NEB. CERI Commodity Report - Natural Gas

11 Page System Field Receipts TransCanada + Westcoast; Monthly Average (Bcfpd) Canadian Gas Exports to the US By Export Point - West (Bcfpd) Kingsgate Monchy Elmore Huntingdon Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan Alberta System Deliveries (Bcfpd) Empress McNeill AB-BC Alliance Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-1 Canadian Gas Exports to the US By Export Point - East (Bcfpd) Emerson Iroquois Others Niagara Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-1 SOURCE: CERI, TCPL, Westcoast Energy. SOURCE: NEB. SOURCE: NEB. Note: As of December 15, Alliance deliveries are no longer available. SOURCE: CERI, TCPL, Alliance Pipeline.

12 SOURCE: NEB. SOURCE: NEB. SOURCE: NEB, EIA. SOURCE: NEB. Page 1 US Imports of Canadian Gas By US Region (Bcfpd) 1 West Midwest East 1 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-1 Total US Pipeline Gas Imports (Bcfpd) 1 1 Canada Mexico 1 Dec-1 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec Average Canadian Export Price By US Region (C$/GJ) West Midwest East Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-1 Canadian Gas Imports By Import Point (Bcfpd) Courtright Sarnia St. Clair Other Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-1 CERI Commodity Report - Natural Gas

13 Page 13 Eastern US LNG Imports By Facility (Bcf) US GoM LNG Imports By Facility (Bcf) 1 Cove Point Elba Island Everett NE Gateway Neptune Freeport Lake Charles Sabine Pass Cameron Golden Pass Gulf LNG Dec-13 Mar-1 Jun-1 Sep-1 Dec-1 Mar-15 Jun-15 Sep-15 Dec-15 Dec-13 Mar-1 Jun-1 Sep-1 Dec-1 Mar-15 Jun-15 Sep-15 Dec-15 SOURCE: US. DOE. SOURCE: US DOE. US LNG Imports By Origin (Bcf) Volume-Weighted Average LNG Price (US$/MMBtu) Other Nigeria Trinidad Norway Qatar Yemen Dec-13 Mar-1 Jun-1 Sep-1 Dec-1 Mar-15 Jun-15 Sep-15 Dec-15 SOURCE: US DOE. Note: There were no LNG imports for the month of November 1. SOURCE: US DOE.

14 Page 1 SOURCE: US DOE, NEB. SOURCE: US DOE. US LNG Exports to Japan and Taiwan (Bcf) US LNG Re-Exports By Destination (Bcf) 7 Japan Taiwan Turkey Brazil Egypt Dec-13 Mar-1 Jun-1 Sep-1 Dec-1 Mar-15 Jun-15 Sep-15 Dec-15 Dec-13 Mar-1 Jun-1 Sep-1 Dec-1 Mar-15 Jun-15 Sep-15 Dec-15 SOURCE: EIA, US DOE. SOURCE: US DOE. CERI Commodity Report - Natural Gas

15 Page 15 North American Active Rigs Canadian Rig Fleet Utilization Weekly Average Active Rigs 3, US WCSB,5 1, Active Rigs Total Rig Drilling Fleet 9, 1, , Jan- Jan-7 Jan- Jan-9 Jan-1 Jan-11 Jan-1 Jan-13 Jan-1 Jan-15 Jan-1 Jan- Jan-7 Jan- Jan-9 Jan-1 Jan-11 Jan-1 Jan-13 Jan-1 Jan-15 Jan-1 SOURCE: CERI, CAODC, Baker Hughes. SOURCE: CERI, CAODC. WCSB Active Rigs by Province Weekly Average Western Canada Active Rigs Weekly Average 7 SK AB BC 5-Year Avg Jan-9 Jan-1 Jan-11 Jan-1 Jan-13 Jan-1 Jan-15 Jan Week Number SOURCE: CERI, CAODC. SOURCE: CERI, CAODC.

16 Page 1 US Total Oil- and Gas-directed Active Rigs US Total Active Rigs, Oil-directed Gas-directed Gas-directed %,, 1, 1, 1, 1, 1, Jan-Jan-7Jan-Jan-9Jan-1Jan-11Jan-1Jan-13Jan-1Jan-15Jan-1 1% 9% % 7% % 5% % 3% % 1% %,5 Total Oil-directed GoM Gas-directed Onshore Gas-directed, 1,5 1, 5 Jan- Jan-7 Jan- Jan-9 Jan-1 Jan-11 Jan-1 Jan-13 Jan-1 Jan-15 Jan-1 SOURCE: CERI, Baker Hughes. SOURCE: CERI, Baker Hughes. US Gulf of Mexico Active Rigs 1 Oil-directed Gas-directed 1 Jan- Jan-7 Jan- Jan-9 Jan-1 Jan-11 Jan-1 Jan-13 Jan-1 Jan-15 Jan-1 SOURCE: CERI, Baker Hughes. CERI Commodity Report - Natural Gas

17 Page 17 1, ,,5, 3,5 3,,5, 1,5 1, 5 Canadian Working Gas Storage (Bcf, Month-end) 5-Year Avg US Lower- Working Gas Storage (Bcf, Month-end) 5-Year Avg Canadian Storage by Region (Bcf, Month-end) 9 West East Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-1 US Storage by Region (Bcf, Month-end),5 East Midwest Mountain Pacific South Central, 3,5 3,,5, 1,5 1, 5 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-1 SOURCE: CERI, Platt s Gas Daily. SOURCE: CERI, Platt s Gas Daily. SOURCE: CERI, Platt s Gas Daily. SOURCE: CERI, Platt s Gas Daily.

18 Page 1 WC_IJ_WD Western Canadian Storage Injections/Withdrawals (Bcf, Month-end) 1 5-Year Avg Canadian Storage Injections/Withdrawals (Bcf, Month-end) 15 5-Year Avg Eastern Canadian Storage Injections/Withdrawals (Bcf, Month-end) 5-Year Avg SOURCE: CERI, Platt s Gas Daily. SOURCE: CERI, Platt s Gas Daily. SOURCE: CERI, Platt s Gas Daily. CERI Commodity Report - Natural Gas

19 Page US East Storage Injections/Withdrawals (Bcf, Month-end) 5-Year Avg US Mountain Region Storage Injections/Withdrawals (Bcf, Month-end) 5-Year Avg US Midwest Region Storage Injections/Withdrawals 3 5-Year Avg US Pacific Region Storage Injections/Withdrawals (Bcf, Month-end) 5-Year Avg SOURCE: CERI, EIA. SOURCE: CERI, EIA. SOURCE: CERI, EIA. SOURCE: CERI, EIA.

20 Page US South Central Region Storage Injections/Withdrawals (Bcf, Month-end) 5-Year Avg US Storage Injections/Withdrawals (Bcf, Month-end) 5-Year Avg SOURCE: CERI, EIA. SOURCE: CERI, EIA. CERI Commodity Report - Natural Gas

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