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US weekly gas storage build tops 5-year average, misses estimate

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According to Market Intelligence, December 2022

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US weekly gas storage build tops 5-year average, misses estimate

Natural gas storage operators put a net 87 Bcf into Lower 48 inventories during the week to Oct. 18, above the five-year average build of 73 Bcf, the U.S. Energy Information Administration reported.

The injection, landing below the 92 Bcf build forecast by an S&P Global Platts analyst survey, brought total working gas supply to 3,606 Bcf, or 519 Bcf above the year-ago level and 28 Bcf above the five-year average.

By region:

* In the East, stockpiles were up 18 Bcf on the week at 898 Bcf, 9% above a year ago.

* In the Midwest, storage levels were up 25 Bcf at 1,069 Bcf, 15% higher than the year-ago level.

* In the Mountain region, stockpiles grew 3 Bcf at 208 Bcf, 18% above the year-ago level.

* In the Pacific region, storage levels rose 1 Bcf at 297 Bcf, 13% above the year before.

* In the South Central region, storage levels rose 41 Bcf at 1,134 Bcf, 27% above a year ago. Of that total, 268 Bcf was in salt cavern facilities and 866 Bcf was non-salt-cavern. Working gas stocks were up 9% in salt cavern facilities from the previous week and gained 2.2% in non-salt-cavern facilities.

S&P Global Platts and S&P Global Market Intelligence are owned by S&P Global Inc.