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Bigger-than-forecast gas storage build cuts further into overhangs

TheU.S. Energy Information Administration reported a net 80-Bcf injection intonatural gas inventories in the Lower 48 during the week ended Sept. 30 that wasabove market expectations but below historical averages.

The injectionwas an upside miss against the market consensus ahead of the report's release that called fora 70-Bcf build in stocks, but was below the 96-Bcf injection reported for thesame week in 2015 and the five-year average injection of 95 Bcf.

Thebuild brought total U.S. working gas supply to 3,680 Bcf, or 74 Bcf above theyear-ago level and 205 Bcf above the five-year average storage level of 3,475Bcf.

Aheadof the report's release, November natural gas futures were trading 2.0 centslower at $3.021/MMBtu on the anticipation of an injection a step above the49-Bcf injection reported in the previous week. Following the report's release,losses were extended with the contract reaching a $2.972/MMBtu low, while lasttrading 5.1 cents lower at $2.990/MMBtu.

Inthe East, inventories were up 25 Bcf on the week at 899 Bcf, or 5.0% above theyear-ago level. Storage levels in the Midwest were up 31 Bcf at 1,045 Bcf, or7.2% above the year-ago level. In the Mountain region, storage levels were up 4Bcf on the week to 237 Bcf, or 15.6% above the year-ago level, while in thePacific region, storage levels were unchanged at 318 Bcf, or 11.2% below theyear-ago level. In the South Central region, where storage levels were up a net20 Bcf on the week, stocks are at a deficit of 2.6% to a year earlier.

Workinggas stocks in the South Central region totaled 1,181 Bcf, with 289 Bcf in saltcavern facilities and 893 Bcf in non-salt cavern facilities. Working gas stockswere up 14 Bcf in the salt cavern facilities and 8 Bcf in non-salt cavernfacilities since the previousweek.

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 Natural GasStorage Page.