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Rate of natural gas storage builds seen improving as demand declines

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Rate of natural gas storage builds seen improving as demand declines

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. 12, is expected to show an improved rate of storage building with an injection above the previous week but mixed against 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 77-Bcf to 91-Bcf injection for the week ended Oct. 6, with the consensus expectation being a storage build of 84 Bcf. That compares to the respective year-ago and five-year average injections of 79 Bcf and 87 Bcf.

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Degree day data from the National Oceanic and Atmospheric Administration for the review week to Oct. 7 reflects unsupportive weather, outlining heating degree days that were 43.5% fewer than normal for the week, even as cooling degree days were 42.1% above the normal level.

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In the previous week's data, the reported net 42-Bcf injection into natural gas inventories in the Lower 48 during the week ended Sept. 29 was a downside miss against the market consensus ahead of the report's release that called for a 51-Bcf build to stocks. The build was below the 76-Bcf injection reported for the same week in 2016 and below the five-year average injection for the week of 91 Bcf.

The latest build brought the total U.S. working gas supply to 3,508 Bcf, some 161 Bcf below the year-ago level and eight Bcf below the five-year average storage level of 3,516 Bcf. The injection anticipated in this week's data would result in a total working gas supply of 3,592 Bcf. The year-on-five-year-average deficit would increase to 11 Bcf, while the deficit to the year-ago level would decline to 156 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.