New York — US natural gas in storage increased by 33 Bcf to 2.387 Tcf for the week ended August 10, the US Energy Information Administration reported Thursday. The build was slightly more than an S&P Global Platts survey of analysts call for a 30 Bcf addition.
The injection was less than the 49 Bcf build reported during the corresponding week in 2017 and again less than the five-year average addition of 56 Bcf, according to EIA data. Stocks were 687 Bcf, or 22%, less than the year-ago level of 3.074 Tcf and 595 Bcf, or 20%, less than the five-year average of 2.982 Tcf.
The injection was less than the 46 Bcf build reported the week prior. Average population-weighted temperatures in the EIA's Midwest region increased 6 degrees week over week, while the East and South Central warmed up a few degrees less. As a result, modeled estimates for gas-fired power generation in all of those regions increased around 1 Bcf/d, according to data from S&P Global Platts Analytics.
NYMEX September Henry Hub natural gas futures fell 4.6 cents to $2.894/MMBtu following the 10:30 am EDT storage announcement.
The EIA reported a 17 Bcf injection in the East to 592 Bcf, compared with 697 Bcf a year ago; a 24 Bcf build in the Midwest to 603 Bcf, compared with 794 Bcf a year ago; a 3 Bcf addition in the Mountain region to 151 Bcf, compared with 204 Bcf a year ago; a 5 Bcf withdrawal in the Pacific to 240 Bcf, compared to 292 Bcf a year ago; and a 6 Bcf pull in the South Central region to 801 Bcf, compared to 1.088 Tcf a year ago.
Total inventories are now 103 Bcf less than the five-year average of 694 Bcf in the East, 156 Bcf less than the five-year average of 759 Bcf in the Midwest, 32 Bcf less than the five-year average of 183 Bcf in the Mountain region, 80 Bcf less than the five-year average of 320 Bcf in the Pacific, and 225 Bcf less than the five-year average of 1.026 Tcf in the South Central region.
An early forecast for the week in progress expects a build of 48 Bcf, which is 4 Bcf less than the five-year average, according to Platts Analytics.
Approximately 12 more weeks of injections are likely before the flip to withdrawal season, based on EIA's historical data. Platts Analytics is estimating the season will start at 3.37 Tcf at a 500 Bcf deficit to normal.
