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EIA outlines storage build that misses outlooks, averages

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EIA outlines storage build that misses outlooks, averages

The U.S.Energy Information Administration reported a net 39-Bcf injection into natural gasinventories in the Lower 48 during the week ended July 1 that was below market expectationsand well below historical averages.

The injectionwas a downside miss against the market consensusahead of the report's release that called for a 44-Bcf build in stocks, and wasbelow the 83-Bcf injection reported for the same week in 2015 and the five-yearaverage injection of 77 Bcf.

The buildbrought total U.S. working gas supply to 3,179 Bcf, or 538 Bcf above the year-agolevel and 599 Bcf above the five-year average storage level of 2,580 Bcf.

Aheadof the report's 10:30 a.m. ET release, August natural gas futures were trading higher.The contract extended off its $2.839/MMBtu pre-release high to $2.841/MMBtu followingthe figure's release, but drifted back to trade last 3.6 cents higher at $2.822/MMBtu.

In theEast, inventories were up 22 Bcf on the week at 654 Bcf, or 13.7% above the year-agolevel. Storage levels in the Midwest were up 22 Bcf at 764 Bcf, or 33.6% above theyear-ago level. In the Mountain region, storage levels were up 4 Bcf on the weekto 202 Bcf, or 28.7% above the year-ago level, while in the Pacific region, storagelevels were down 2 Bcf at 313 Bcf, or 5.2% below the year-ago level. In the SouthCentral region, where storage levels were down a net 7 Bcf on the week, stocks areat a surplus of 23.7% to a year earlier.

Workinggas stocks in the South Central region totaled 1,246 Bcf, with 354 Bcf in salt cavernfacilities and with 893 Bcf in non-salt cavern facilities. Working gas stocks weredown 6 Bcf in the salt cavern facilities and were unchanged in non-salt 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.