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Survey shows slightly smaller gas storage build for last week of April


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Survey shows slightly smaller gas storage build for last week of April

Theweekly natural gas inventory report to be released by the U.S. EnergyInformation Administration at 10:30 a.m. ET on Thursday, May 5, is expected toshow natural gas inventories climbing at a slower rate than the previous weekas another surge of colder weather impacted natural gas demand.

Thesurvey of analysts and traders leading up to the release of the latest EIAfigures outlines a net change for the review week ranged from a 56-Bcfinjection to as much as a 75-Bcf build, with a consensus expectation for astorage improvement of 66 Bcf. At consensus expectations, the injection wouldbe slightly above the five-year average build of 64 Bcf and would be below the77-Bcf injection reported for the same week in 2015.

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Thestorage addition would reflect a week that saw 13.6% fewer heating degree dayscompared to the same week in 2015 and 2.9% more than normal, according toNational Oceanic and Atmospheric Administration degree day data for the week toApril 30, as cooler weather returned to major heat-consuming regions.

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Inthe previous data,the EIA reported a net 73-Bcf injection into natural gas inventories in theLower 48 during the week ended April 22 that was above consensus expectationsbut below the prior-year injection.

Whilebelow the 84-Bcf injection reported for the same week in 2015, last week'sstorage injection compared better against the five-year average injection of 52Bcf and brought total U.S. working gas supply to 2,557 Bcf, some 870 Bcf abovethe year-ago level and 832 Bcf above the five-year average storage level of1,725 Bcf.

Theinjection anticipated in this week's data would result in a total working gassupply at 2,623 Bcf. The year-on-five-year-average surplus would climb to 834Bcf, while the surplus to the year-ago level would be trimmed to 859 Bcf.

Market prices and includedindustry data are current as of the time of publication and are subject tochange. For more detailed 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 Storagedata, go to our NaturalGas Storage Page.