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Natural gas storage injection trails outlooks, mixed against averages

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Natural gas storage injection trails outlooks, mixed against averages

The U.S. Energy Information Administration reported a net 96-Bcf injection into natural gas inventories in the Lower 48 during the week ended May 25 that was below consensus and mixed against averages.

The injection was a downside miss against the 100-Bcf consensus estimate ahead of the report's release, but signaled a modest step up in the rate of storage building, falling just above the 91-Bcf build reported for the week to May 18. The injection was above the 80-Bcf year-ago injection and just below the 97-Bcf five-year average build.

The injection brought total U.S. working gas supply to 1,725 Bcf, or 788 Bcf below the year-ago level and 500 Bcf below the five-year average storage level of 2,225 Bcf.

July natural gas futures moved higher following the data's 10:30 a.m. ET release, reaching a $2.988/MMBtu high and last trading 9.1 cents higher at $2.976/MMBtu.

In the East, inventories were up 29 Bcf on the week at 328 Bcf, or 21.0% below the year-ago level. Storage levels in the Midwest were up 27 Bcf at 315 Bcf, or 45.9% below the year-ago level. In the Mountain region, storage levels were up 6 Bcf on the week at 113 Bcf, or 31.9% below the year-ago level, while in the Pacific region, storage levels were up 8 Bcf on the week at 221 Bcf, or 14.0% below the year-ago level. In the South Central region, where storage levels were up 26 Bcf, stocks are at a deficit of 31.6% to a year earlier.

Working gas stocks in the South Central region totaled 748 Bcf, with 235 Bcf in salt cavern facilities and with 514 Bcf in non-salt cavern facilities. Working gas stocks were up 9 Bcf in salt cavern facilities and up 18 Bcf in non-salt cavern facilities since the previous week.

Market prices and included industry data are current as of the time of publication and are subject to change. For more detailed market data, including power, natural gas index prices, as well as forwards and futures, visit our Commodities pages.