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Weekly natural gas storage build to extend slow rate of injections

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According to Market Intelligence, December 2022

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Weekly natural gas storage build to extend slow rate of injections

The weekly natural gas inventory report to be released by the U.S. Energy Information Administration at 10:30 a.m. ET on Thursday, Oct. 5, is expected to show another step down in the rate of storage building with an injection below historical averages.

Analysts and traders surveyed ahead of the release of the U.S. Energy Information Administration's upcoming natural gas storage report anticipate a 41-Bcf to 61-Bcf injection for the week ended Sept. 29, with the consensus expectation being a storage build of 51 Bcf. That compares to the respective year-ago and five-year average injections of 76 Bcf and 91 Bcf.

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Degree day data from the National Oceanic and Atmospheric Administration for the review week to Sept. 30 reflects weather supportive of demand, outlining cooling degree days that were 91.7% more than normal for the week.

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In the previous week's data, the reported net 58-Bcf injection into natural gas inventories in the Lower 48 during the week ended Sept. 22 was a downside miss against the market consensus ahead of the report's release that called for a 65-Bcf build to stocks and was above the 49-Bcf injection reported for the same week in 2016 and below the five-year average injection for the week of 84 Bcf.

The latest build brought the total U.S. working gas supply to 3,466 Bcf, some 127 Bcf below the year-ago level and 41 Bcf above the five-year average storage level of 3,425 Bcf.

The injection anticipated in this week's data would result in a total working gas supply of 3,517 Bcf. The year-on-five-year-average surplus would decline to 1 Bcf, while the deficit to the year-ago level would increase to 152 Bcf.

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.