The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas fell by 18 billion cubic feet for the week ended April 20. Analysts surveyed by S&P Global Platts had forecast a decrease of 12 billion cubic feet but on average over the last five years for the same week, inventories climbed by 60 billion cubic feet. Total stocks now stand at 1.281 trillion cubic feet, down 897 billion cubic feet from a year ago, and 527 billion below the five-year average, the government said.
The forecast for overall natural gas demand next week moves into the “moderate” range as cooler, stormier weather moves into the Midwest. Cooler temperatures and showers head into the Northeast as well late this week. Next week sees warmer temperatures across most of the country.
Total U.S. stockpiles fell week over week to 41.2% below last year’s level and are now 29.1% below the five-year average.
But wait, there’s more!
- A pattern change will begin to develop across the central and eastern U.S. this weekend.
- Highs in the 70s and 80s are expected in the Midwest and Northeast as May begins.