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.
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