The U.S. Energy Information Administration reported a net 89-Bcf injection into natural gas inventories in the Lower 48 during the week ended May 4 that was at par with consensus and above averages.
The injection matched consensus ahead of the report’s release that called for a 89-Bcf build to stocks, and compared above respective year-ago and five-year average injections of 49 Bcf and 75 Bcf, respectively.
The injection brought total U.S. working gas supply to 1,432 Bcf, or 863 Bcf below the year-ago level and 520 Bcf below the five-year average storage level of 1,952 Bcf.
June natural gas futures were trading higher ahead of the data’s 10:30 a.m. ET release eyed 2.2 cents higher at $2.759/MMBtu at 10:29 a.m. ET. Following the release, the contract extended past the pre-release high of $2.772/MMBtu to a fresh high at $2.792/MMBtu and traded last 4.9 cents higher at $2.786/MMBtu.
In the East, inventories were up 20 Bcf on the week at 243 Bcf, or 29.8% below the year-ago level. Storage levels in the Midwest were up 19 Bcf at 240 Bcf, or 54.1% below the year-ago level. In the Mountain region, storage levels were up 6 Bcf on the week at 92 Bcf, or 40.6% below the year-ago level, while in the Pacific region, storage levels were up 8 Bcf on the week at 195 Bcf, or 17.7% below the year-ago level. In the South Central region, where storage levels were up 36 Bcf, stocks are at a deficit of 35.9% to a year earlier.
Working gas stocks in the South Central region totaled 662 Bcf, with 204 Bcf in salt cavern facilities and with 458 Bcf in non-salt cavern facilities. Working gas stocks were up 14 Bcf in salt cavern facilities and up 22 Bcf in non-salt cavern facilities since the previous week.
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| Working Gas in Underground Storage, Lower 48 | Year Ago (05/04/17) | 5-Year (2013-17) Average | |||||||
| May-04-2018 | Apr-27-2018 | net change (Bcf) | implied flow (Bcf) | stocks (Bcf) | % change | stocks (Bcf) | % change | ||
| East | 243 | 223 | 20 | 20 | 346 | -29.8 | 347 | -30.0 | |
| Midwest | 240 | 221 | 19 | 19 | 523 | -54.1 | 398 | -39.7 | |
| Mountain | 92 | 86 | 6 | 6 | 155 | -40.6 | 127 | -27.6 | |
| Pacific | 195 | 187 | 8 | 8 | 237 | -17.7 | 246 | -20.7 | |
| South Central | 662 | 626 | 36 | 36 | 1033 | -35.9 | 832 | -20.4 | |
| Salt | 204 | 190 | 14 | 14 | 331 | -38.4 | 252 | -19.0 | |
| Nonsalt | 458 | 436 | 22 | 22 | 701 | -34.7 | 580 | -21.0 | |
| Total | 1432 | 1343 | 89 | 89 | 2295 | -37.6 | 1952 | -26.6 | |
Storage Report Summary:
Working gas in storage was 1,432 Bcf as of Friday, May 4, 2018, according to EIA estimates.
This represents a net increase of 89 Bcf from the previous week. Stocks were 863 Bcf less than last year at this time and
520 Bcf below the five-year average of 1,952 Bcf. At 1,432 Bcf, total working gas is within the five-year historical range
