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.