Natural gas prices reduce declines, down 0.5% at $1.63/mmBtu after EIA says gas-in-storage rose by 85B cubic feet last week,
which precisely matches the average of forecasts by analysts in a WSJ survey. The number is well below last year’s 111-bcf injection,
and also slightly below the five-year-average rise of 87 bcf, and analysts say that’s because hotter-than-normal
temperatures last week in places like Texas gave a pre-summer boost to demand.
Total storage now stands at 2.892T cubic feet, which is a 17% surplus to the five-year-average and compares to a 19% surplus two weeks ago
Working gas in storage was 2,892 Bcf as of Friday, June 12, 2020, according to EIA estimates. This represents a net increase of 85 Bcf from the previous week.
Stocks were 722 Bcf higher than last year
at this time and 419 Bcf above the five-year average of 2,473 Bcf. At 2,892
Bcf, total working gas is within the five-year historical range.
For information on sampling error in this report, see Estimated Measures of Sampling Variability table below.