Naturalgas supply and demand fell across the U.S. during the week ended March 30,according to the U.S. Energy Information Administration's latest Natural GasWeekly Update for the week ended March 30.
Totalsupply fell by 1.2%, with declines in most components of supply. Dry productionwas down 0.4% week over week and is now 1.2% less than it was during this weeklast year as flooding in Louisiana and Texas hindered onshore Gulf Coast areaproduction and low prices and pipeline maintenance helped hamper Northeastproduction, the EIA said. Pipeline imports from Canada fell 10.0% this weekoverall while LNG sendout declined, remaining at very low levels.
Consumptionof gas in the U.S. also fell this week. Overall consumption was down 5.1%,driven by a 9.4% decline in residential and commercial consumption, which waslikely the result of mild spring weather seen during most of the review week.Industrial-sector consumption fell 1.9%, consumption of natural gas for powergeneration fell 3.4% and pipeline exports to Mexico rose 2.3%.
Instorage news, the report March 31 of a 25-Bcf withdrawal in the week ended March 25 comparedwith the five-year average withdrawal of 22 Bcf and the year-ago withdrawal of10 Bcf for the storage report week. This ended an eight-week streak in whichthe implied net change was smaller than the five-year average. Since Jan. 22,the storage surplus compared with the five-year average has grown from 432 to843 Bcf. Natural gas storage is 1,002 Bcf higher than a year ago.
Workinggas stocks are currently 27 Bcf above the five-year maximum for the storagereport week of 2,441 Bcf set in 2012. The traditional end of the season isMarch 31. The record-high for the end of the heating season occurred in 2012,when working gas stocks totaled 2,473 Bcf.