Natural Gas Fill Rate -- Reverses? -- April 10, 2022

I haven't posted this chart in ages. I used to track it / post it weekly, but once I had "it figured out," I lost interest. 

Recently I've come across numerous tweets suggesting that the US natural gas fill rate has reversed, so I was curious. 

So, the most recent EIA natural gas storage report:  

This is just one of several metrics regarding natural gas. My hunch is that the industry can respond quickly to US natural gas demand, and again no one really knows how much natural gas the US needs to keep in storage at any point in time. Obviously, price makes a huge difference. Contracts. 

The chart above covers only a couple of years with a five-year max/min shaded iin. 

This chart goes back more than ten years. If we only had this chart without anything else, where we "stand today" seems completely within "the norms." Storage has been lower in the past and hit a record low back in 2014.

It will be interesting if we drop below the "five-year minimum."