The amount of natural gas in US storage facilities increased 15 Bcf to 3.790 Tcf in the week that ended November 3, the US Energy Information Administration reported Thursday.
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The build was higher than what an S&P Global Platts survey of analysts expected, with the consensus among those surveyed calling for a 12-Bcf injection. The expectations ranged from a build of 1 Bcf to an injection of 21 Bcf.
The injection was less than one-third of the size of the 54-Bcf build reported in the corresponding week in 2016 and exactly one-third of the five-year average injection of 45 Bcf, according to EIA data.
As a result, stocks were 219 Bcf, or 5.5%, below the year-ago level of 4.009 Tcf and 71 Bcf, or 1.8%, lower than the five-year average of 3.861 Tcf, the data show.
The NYMEX November gas futures contract climbed 1 cent to $3.185/MMBtu in the minutes following the 10:30 am EST announcement.
The EIA reported a 1-Bcf withdrawal in the East to trim stocks to 925 Bcf, compared with 945 Bcf a year ago; a 5-Bcf build in the Midwest to boost inventories to 1.112 Tcf, compared with 1.145 Tcf a year ago; a 2-Bcf pull in the Mountain region to cut stocks to 224 Bcf, compared with 252 Bcf a year ago; stocks in the Pacific remained at 317 Bcf, compared with 327 Bcf a year ago; and a 13-Bcf build in the South Central region to lift inventories to 1.212 Tcf, compared with 1.339 Tcf a year ago.
Total inventories are now 1 Bcf below the five-year average of 926 Bcf in the East, 15 Bcf above the five-year average of 1.097 Tcf in the Midwest, 4 Bcf higher than the five-year average of 220 Bcf in the Mountain region, 46 Bcf lower than the five-year average of 363 Bcf in the Pacific, and 42 Bcf below the five-year average of 1.234 Tcf in the South Central region.
--Brandon Evans, firstname.lastname@example.org
--Edited by Keiron Greenhalgh, email@example.com