The U.S.Energy Information Administration reported a net 34-Bcf injection into natural gasinventories in the Lower 48 during the week ended July 15 that was below marketexpectations and well below historical averages.
The injectionwas a downside miss against the market consensusahead of the report's release that called for a 37-Bcf build in stocks, and wasbelow the 70-Bcf injection reported for the same week in 2015 and below the five-yearaverage injection of 61 Bcf.
The buildbrought total U.S. working gas supply to 3,277 Bcf, or 471 Bcf above the year-agolevel and 559 Bcf above the five-year average storage level of 2,718 Bcf.
Justahead of the report's 10:30 a.m. ET release, the August natural gas futures contractwas trading modestly higher at $2.665/MMBtu, up 0.7 cent on the session. The downsidemiss against consensus expectations and significant miss compared with averagesaccelerated gains. The contract was last seen 4.3 cents higher at $2.701/MMBtu.
In theEast, inventories were up 19 Bcf on the week at 697 Bcf, or 12.1% above the year-agolevel. Storage levels in the Midwest were up 16 Bcf at 801 Bcf, or 27.3% above theyear-ago level. In the Mountain region, storage levels were up 2 Bcf on the weekto 210 Bcf, or 26.5% above the year-ago level, while in the Pacific region, storagelevels were down 1 Bcf at 318 Bcf, or 5.4% below the year-ago level. In the SouthCentral region, where storage levels were down a net 2 Bcf on the week, stocks areat a surplus of 18.8% to a year earlier.
Workinggas stocks in the South Central region totaled 1,251 Bcf, with 349 Bcf in salt cavernfacilities and with 901 Bcf in nonsalt cavern facilities. Working gas stocks weredown 6 Bcf in the salt cavern facilities and up 3 Bcf in nonsalt cavern facilitiessince the previous week.
Market prices and included industrydata are current as of the time of publication and are subject to change. For moredetailed market data, including our power,naturalgas and coalindex prices, as well as forwardsand futures,visit our Commodities Pages. To view detailed EIA Weekly Natural Gas Storage data,go to our NaturalGas Storage Page.