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|
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