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US natgas stockpiles seen up 85 bcf in week ended May 17

Friday, 24 May 2024 | 00:00

U.S. utilities likely added a smaller-than-usual 85 billion cubic feet (bcf) of natural gas into storage last week as low gas prices earlier this year caused drillers to cut output, a Reuters poll showed on Wednesday.

The outlook compares with an injection of 97 bcf during the same week a year ago and a five-year (2019-2023) average increase of 92 bcf for this time of year.

In the week ended May 10, utilities added 70 bcf of gas into storage USOILN=ECI.

The forecast for the week ended May 17 would increase stockpiles to 2.718 trillion cubic feet (tcf), about 18% above the same week a year ago and about 29% above the five-year average for the week.

The U.S. Energy Information Administration (EIA) will release its weekly storage report at 10:30 a.m. EDT (1430 GMT) on Thursday.

Financial firm LSEG said gas output in the Lower 48 U.S. states fell to an average of 97.3 billion cubic feet per day (bcfd) so far in May, down from 98.2 bcfd in April. That compares with a monthly record of 105.5 bcfd in December 2023.

There were 48 total degree days (TDDs) last week compared with a 30-year normal of 63 for the period, according to data from financial firm LSEG.

TDDs measure the number of degrees a day’s average temperature is above or below 65 degrees Fahrenheit (18 degrees Celsius) to estimate demand to cool or heat homes and businesses.

Reuters polled 12 analysts, whose estimates ranged from injections of 82 bcf to 91 bcf, with a median increase of 85 bcf.

Early estimates for the week ending May 24 ranged from additions of 80 bcf to 86 bcf, with an average increase of 89 bcf.

That compares with an increase of 106 bcf during the same week last year and a five-year average increase of 104 bcf.
Source: Reuters

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