TheU.S. Energy Information Administration reported a net 49-Bcf injection intonatural gas inventories in the Lower 48 during the week ended Sept. 23 that wasbelow market expectations and well below historical averages.
Theinjection was a downside miss against the market consensus ahead of the report's release thatcalled for a 54-Bcf build in stocks, and was below the 99-Bcf injectionreported for the same week in 2015 and the five-year average injection of 97Bcf.
Thebuild brought total U.S. working gas supply to 3,600 Bcf, or 90 Bcf above theyear-ago level and 220 Bcf above the five-year average storage level of 3,380Bcf.
Inits debut as the lead contract, November natural gas futures attempted gainsearly but pulled back to trade as low as $2.958/MMBtu ahead of the data's 10:30a.m. ET release. At the release of the data, the market reversed course,pulling back above $3/MMBtu to trade as high as $3.032/MMBtu, before slippingto trade last 0.7 cent higher on the day at $3.009/MMBtu.
Inthe East, inventories were up 23 Bcf on the week at 874 Bcf, or 5.3% above theyear-ago level. Storage levels in the Midwest were up 29 Bcf at 1,014 Bcf, or7.6% above the year-ago level. In the Mountain region, storage levels were up 3Bcf on the week to 233 Bcf, or 16.5% above the year-ago level, while in thePacific region, storage levels were unchanged at 318 Bcf, or 10.2% below theyear-ago level. In the South Central region, where storage levels were down anet 6 Bcf on the week, stocks are at a deficit of 1.9% to a year earlier.
Workinggas stocks in the South Central region totaled 1,161 Bcf, with 275 Bcf in saltcavern facilities and 885 Bcf in non-salt cavern facilities. Working gas stockswere down 3 Bcf in the salt cavern facilities and down 4 Bcf in non-salt cavernfacilities since the previousweek.
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