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US natural gas storage volume rises 92 Bcf to 1.817 Tcf: EIA

The amount of natural gas in US storage facilities increased by 92 Bcf to 1.817 Tcf in the week that ended June 1, the US Energy Information Administration reported Thursday.

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The build was in line with market expectations, matching the consensus forecast of an S&P Global Platts survey of analysts.

However, the injection was 10.7% less than the 103 Bcf build reported in the corresponding week in 2017 as well as 11.5% under the five-year average injection of 104 Bcf, according to EIA data.

As a result, stocks were 799 Bcf, or 30.5%, below the year-ago level of 2.616 Tcf and 512 Bcf, or 22%, under the five-year average of 2.329 Tcf.

The NYMEX July natural gas futures contract jumped 9 cents to $2.974/MMBtu in the minutes following the 10:30 am EDT announcement.

The EIA reported a 23 Bcf injection in the East to boost stocks to 351 Bcf, compared with 452 Bcf a year ago; a 26 Bcf build in the Midwest to lift inventories to 341 Bcf, compared with 610 Bcf a year ago; an 8 Bcf addition in the Mountain region to raise stocks to 121 Bcf, compared with 171 Bcf a year ago; a 10 Bcf injection in the Pacific to increase inventories to 231 Bcf, compared with 267 Bcf a year ago; and a 25 Bcf build in the South Central region to raise stocks to 773 Bcf, compared with 1.116 Tcf a year ago.

Total inventories are now 109 Bcf below the five-year average of 460 Bcf in the East, 164 Bcf under the five-year average of 505 Bcf in the Midwest, 24 Bcf below the five-year average of 145 Bcf in the Mountain region, 48 Bcf under the five-year average of 279 Bcf in the Pacific, and 167 Bcf below the five-year average of 940 Bcf in the South Central region.

--Brandon Evans, bevans@spglobal.com
--Edited by Keiron Greenhalgh, keiron.greenhalgh@spglobal.com