WASHINGTON, Aug. 29 2018 — The U.S. Energy Information Administration (EIA) on Thursday is expected to report a 64-billion cubic feet (Bcf) injection for the week ended August 24, according to a survey of analysts by S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets.
Responses to the survey were tight and ranged for a build of 57 Bcf to 68 Bcf. The EIA plans to release its weekly storage report on Thursday at 10:30 a.m. EDT.
A 64 Bcf injection would be more than the 32 Bcf build in the corresponding week last year and slightly more than the five-year average build of 59 Bcf. Platts Analytics' storage model predicts an injection of 65 Bcf while the supply and demand fundamentals' model calls for a 63 Bcf build. The EIA has not reported an injection larger than the five-year average since late June.
An injection within analysts' expectations of 64 Bcf would increase stocks to 2.499 trillion cubic feet (Tcf). The deficit versus the five-year average would shift down slightly to 594 Bcf while the deficit versus last year in the corresponding week would contract to 652 Bcf.
The EIA reported a 48 Bcf injection for the week ended August 17. It expanded inventories to 2.435 Tcf, which was 22% less than the year-ago inventory of 3.119 Tcf, and 20% less than the five-year average of 3.034 Tcf.
"Last week's EIA report showed a tighter market than expected, prolonging the almost three month period of below-average injections," said Kent Berthoud, a storage analyst with S&P Global Platts. "Milder weather across the South could break that streak this Thursday, with some downside risk from the East and South Central storage regions. Despite persistently low inventories, the recent injection pace has been modestly above the rate expected for August from the most recent Platts Analytics short-term forecast."
The weekly analyst survey is conducted by S&P Global Platts' editorial team, and is published every Wednesday, one day ahead of the 10:30 a.m. (ET) Thursday release of the weekly natural gas storage report of the U.S. Energy Information Administration. Platts has been conducting this survey since January 2007. The survey includes 15 to 25 analysts, some on a rotational basis.
**In its weekly natural gas report, the EIA divides the U.S. into five storage regions: East, Midwest, South Central, Mountain and Pacific. The full listing of the states that comprise each can be found here.
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