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Natural gas storage survey implies first double-digit build of the season


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Natural gas storage survey implies first double-digit build of the season

Theweekly natural gas inventory report to be released by the U.S. EnergyInformation Administration at 10:30 a.m. ET on Thursday, April 28, is expectedto show a ramp up in natural gas storage building in the week to April 22.

The surveyof analysts and traders leading up to the release of the latest EIA figuresoutlines a net change for the review week ranged from a 62-Bcf injection to asmuch as an 81-Bcf build, with consensus expectations for a 70-Bcf injectioninto inventories for the week. The build would compare against a five-yearaverage injection of 52 Bcf and the 84-Bcf injection reported for the same weekin 2015.

Thisweek's injection will follow the modest 7-Bcf injection into natural gas inventories reportedfor the week to April 15 that was well below the five-year average injection of45 Bcf and the year-ago injection of 82 Bcf, but above market expectations. Thebuild brought total U.S. working gas supply to 2,484 Bcf, some 881 Bcf abovethe year-ago level and 811 Bcf above the five-year average storage level of1,673 Bcf.

Moderatingweather is expected to have driven this week's larger build, as degree day datafrom the National Oceanic and Atmospheric Administration shows there were 36.8%fewer heating degree days in the week to April 23 compared to the same weeklast year, and 46.9% fewer than average.

The70-Bcf injection anticipated in this week's data would result in a totalworking gas supply at 2,554 Bcf. The year-on-year surplus would be trimmed to867 Bcf and the year-on-five-year average surplus would climb to 829 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 Storage data,go to our NaturalGas Storage Page.