The natural gas inventory report slated for release at 10:30 a.m. ET on May 24 by the U.S. Energy Information Administration is expected to show a step down in the rate of storage building in the week to May 18.
Market analysts and experts surveyed are calling for a storage injection from 84 Bcf to 95 Bcf, with a consensus estimate pegged at a 90-Bcf build. The latest figure would compare with a 106-Bcf injection reported for the week to May 11, a 74-Bcf injection for the same week in 2017 and the 89-Bcf five-year average build.

The 106-Bcf build reported for the week ended May 11 was larger than the anticipated 104-Bcf injection and was above the respective year-ago and five-year average injections of 64 Bcf and 87 Bcf, respectively.
The build brought total U.S. working gas supply to 1,538 Bcf, or 821 Bcf below the year-ago level and 501 Bcf below the five-year average storage level of 2,039 Bcf.
Degree day data from the National Oceanic and Atmospheric Administration supports the storage outlook as it shows for the week to May 19 there were 26.5% fewer cooling degree days than in 2017 but 19.0% more than normal.

An injection at consensus would drive the total working gas inventory to 1,628 Bcf, shrink the year-on-year deficit to 805 Bcf and trim the year-on-five-year-average deficit to 500 Bcf.
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