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EIA storage build above expectations, still well below average

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EIA storage build above expectations, still well below average

The U.S.Energy Information Administration reported a net 64-Bcf injection into natural gasinventories in the Lower 48 during the week ended July 8 that was above market expectationsbut well below historical averages.

The injectionwas above the market consensusahead of the report's release that called for a 58-Bcf build in stocks, and wasbelow both the 95-Bcf injection reported for the same week in 2015 and the five-yearaverage injection of 77 Bcf.

The buildbrought total U.S. working gas supply to 3,243 Bcf, or 507 Bcf above the year-agolevel and 586 Bcf above the five-year average storage level of 2,657 Bcf.

Justahead of the report's 10:30 a.m. ET release, the August natural gas futures contractwas trading modestly higher at $2.742/MMBtu, up 0.5 cent on the session. Despitethe upside miss against consensus expectations, the market held the pre-releasetrading range established at $2.726/MMBtu at the low and $2.769/MMBtu at the high,trading last at $2.759/MMBtu, 2.2 cents higher.

In theEast, inventories were up 24 Bcf on the week at 678 Bcf, or 12.6% above the year-agolevel. Storage levels in the Midwest were up 21 Bcf at 785 Bcf, or 30.2% above theyear-ago level. In the Mountain region, storage levels were up 6 Bcf on the weekto 208 Bcf, or 28.4% above the year-ago level, while in the Pacific region, storagelevels were up 6 Bcf at 319 Bcf, or 4.2% below the year-ago level. In the SouthCentral region, where storage levels were up a net 7 Bcf on the week, stocks areat a surplus of 20.9% to a year earlier.

Workinggas stocks in the South Central region totaled 1,253 Bcf, with 355 Bcf in salt cavernfacilities and with 898 Bcf in non-salt cavern facilities. Working gas stocks wereup 1 Bcf in the salt cavern facilities and up 5 Bcf in non-salt cavern facilitiessince the previous week.

Market prices and included industrydata are current as of the time of publication and are subject to change. For moredetailed market data, including our power,naturalgas and coalindex prices, as well as forwardsand futures,visit our Commodities Pages. To view detailed EIA Weekly Natural Gas Storage data,go to our NaturalGas Storage Page.