US natural gas storage volume rises 81 Bcf, above estimates
US natural gas in storage rose 81 Bcf to 2.471 Tcf for the week ended July 5, the US Energy Information Administration reported.
The injection was more than an S&P Global Platts’ survey of analysts calling for a 77 Bcf injection. The wider survey responses were between 67 Bcf and 88 Bcf. The build matched the Platts Analytics’ storage model forecast.
The build was above the 55 Bcf injection reported during the corresponding week in 2018 and the five-year-average injection of 70 Bcf, according to EIA data. It marked the 15th straight bearish build.
As a result, stocks were 275 Bcf, or 12.5%, above the year-ago level of 2.196 Tcf and 142 Bcf, or 5.4%, below the five-year average of 2.613 Tcf.
The EIA reported an 18 Bcf build in the East to 544 Bcf, compared with 477 Bcf a year ago; a 29 Bcf injection in the Midwest to 597 Bcf, compared with 474 Bcf a year ago; a 6 Bcf build in the Mountain region to 140 Bcf, compared with 142 Bcf a year ago; an 8 Bcf addition in the Pacific to 263 Bcf, compared with 260 Bcf a year ago; and a 20 Bcf injection in the South Central region to 927 Bcf, compared with 843 Bcf a year ago.
Total inventories are now 17 Bcf below the five-year average of 561 Bcf in the East, 13 Bcf below the five-year average of 610 Bcf in the Midwest, 25 Bcf below the five-year average of 165 Bcf in the Mountain region, 27 Bcf below the five-year average of 290 Bcf in the Pacific and 60 Bcf below the five-year average of 987 Bcf in the South Central region.
The NYMEX Henry Hub August contract rose 3.8 cents to $2.48/MMBtu following the report. The remainder of the summer strip — September and October — rose 2.85 cents to $2.47/MMBtu.
The Platts Analytics supply-and-demand model projects a build of 52 Bcf for the week that ends Friday, which would be the first below-average injection of the year.