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Lower 48 gas storage build of 60 Bcf tops analyst estimates

Natural gas storage operators injected a net 60 Bcf into Lower 48 inventories in the week to Aug. 23, above the five-year average build of 57 Bcf, the U.S. Energy Information Administration reported.

The build, which exceeded a 57 Bcf injection forecast by an S&P Global Platts analyst survey, brought total working gas supply in the Lower 48 to 2,857 Bcf, or 363 Bcf above the year-ago level and 100 Bcf below the five-year average.

By region:

* In the East, stockpiles rose 22 Bcf on the week at 682 Bcf, 8% above a year ago.

* In the Midwest, inventories rose 30 Bcf at 790 Bcf, 19% higher than a year ago.

* In the Mountain region, stockpiles were up 5 Bcf at 173 Bcf, 11% higher than the year before.

* In the Pacific region, inventories were up 4 Bcf at 278 Bcf, 16% higher than a year earlier.

* In the South Central region, storage levels were down 1 Bcf at 934 Bcf, 17% above the year before.

Of that total, 199 Bcf was in salt cavern facilities and 736 Bcf was non-salt cavern. Working gas stocks dropped 3% in salt cavern facilities from the week before and rose 0.8% in non-salt-cavern facilities.

S&P Global Platts and S&P Global Market Intelligence are owned by S&P Global Inc.