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Natural gas storage build matches 5-year average

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Natural gas storage build matches 5-year average

The U.S. Energy Information Administration reported a net 87-Bcf injection into natural gas inventories in the Lower 48 during the week ended Oct. 6 that was above market expectations and matched the five-year average.

The market consensus ahead of the report's release called for an 84-Bcf build to stocks, against a year-ago injection of 79 Bcf and the 87-Bcf five-year average. The build brought total U.S. working gas supply to 3,595 Bcf, or 153 Bcf below the year-ago level and 8 Bcf below the five-year average storage level of 3,603 Bcf.

November natural gas futures were higher ahead of the 10:30 a.m. ET release of the latest storage data trading from $2.895/MMBtu to $2.959/MMBtu and moving 6.5 cents higher at $2.954/MMBtu just in front of the release. In a knee-jerk response to the figure the contract jumped to $2.960/MMBtu, but reversed to trade back within the pre-release range, last seen 5.9 cents higher at $2.9478MMBtu.

In the East, inventories were up 23 Bcf on the week at 884 Bcf, or 3.0% below the year-ago level. Storage levels in the Midwest were up 35 Bcf at 1,024 Bcf, or 4.0% below the year-ago level. In the Mountain region, storage levels were up 3 Bcf on the week at 223 Bcf, or 7.1% below the year-ago level, while in the Pacific region, storage levels were up 4 Bcf at 315 Bcf, or 2.2% below the year-ago level. In the South Central region, where storage levels were up a net 22 Bcf on the week, stocks are at a deficit of 4.9% to a year earlier.

Working gas stocks in the South Central region totaled 1,149 Bcf, with 310 Bcf in salt cavern facilities and with 838 Bcf in non-salt cavern facilities. Working gas stocks were up 10 Bcf in salt cavern facilities and up 11 Bcf in non-salt cavern facilities since the previous week.

Market prices and included industry data are current as of the time of publication and are subject to change. For more detailed market data, including power, natural gas index prices, as well as forwards and futures, visit our Commodities pages.