US natural gas in storage increased by 91 Bcf to 1.629 Tcf for the week ended May 18, the US Energy Information Administration reported Thursday.
The build was slightly less than an S&P Global Platts' survey of analysts, which called for a 93-Bcf addition. Responses to the survey ranged for an injection of 97-102 Bcf.
For the third week in a row, the injection was more than both the 74 Bcf build reported during the corresponding week in 2017 as well as five-year average addition of 89 Bcf, according to EIA data.
As a result, stocks were 804 Bcf, or 33%, less than the year-ago level of 2.433 Tcf and 499 Bcf, or 23.4%, less than the five-year average of 2.128 Tcf. The NYMEX June natural gas futures were static at $2.91/MMBtu in the minutes following the 10:30 am EST storage announcement.
The EIA reported a 24-Bcf injection in the East to 299 Bcf, compared with 387 Bcf a year ago; a 21-Bcf build in the Midwest to 288 Bcf, compared with 559 Bcf a year ago; a 9-Bcf addition in the Mountain region to 107 Bcf compared with 165 Bcf a year ago; a 9-Bcf injection in the Pacific to 213 Bcf, compared to 249 Bcf a year ago; and a 28-Bcf build in the South Central region to 722 Bcf, compared to 1.073 Tcf a year ago.
Total inventories are now 101 Bcf less than the five-year average of 387 Bcf in the East, 158 Bcf less than the five-year average of 446 Bcf in the Midwest, 28 Bcf less than the five-year average of 135 Bcf in the Mountain region, 48 Bcf less than the five-year average of 261 Bcf in the Pacific, and 163 Bcf less than the five-year average of 885 Bcf in the South Central region.
