The amount of natural gas in US storage facilities increased 65 Bcf to 3.208 Tcf in the week that ended November 2, the US Energy Information Administration reported Thursday. An S&P Global Platts survey of analysts called for a 55 Bcf build in stocks.
The injection was nearly triple the 22 Bcf build reported in the corresponding week in 2017 as well as 35.4% higher than the five-year average addition of 48 Bcf, according to EIA data, and same amount larger than the build in the week prior.
As a result, stocks were 580 Bcf or 15% below the year-ago level of 3.788 Tcf and 621 Bcf or 16% under the five-year average of 3.829 Tcf.
The NYMEX December gas futures contract fell 3.7 cents to $3.518/MMBtu following the 10:30 am EST (1530 GMT) storage data announcement.
The EIA reported a 5 Bcf injection in the East to raise stocks to 831 Bcf, compared with 925 Bcf a year ago; a 24 Bcf build in the Midwest to lift inventories to 980 Bcf, compared with 1.111 Tcf a year ago; a 2 Bcf addition in the Mountain region to boost stocks to 182 Bcf, compared with 224 Bcf a year ago; a 3 Bcf build in the Pacific to nudge inventories up to 265 Bcf, compared with 317 Bcf a year ago; and a 30 Bcf injection in the South Central region to hoist stocks to 949 Bcf, compared with 1.210 Tcf a year ago.
Total inventories are now 88 Bcf under the five-year average of 919 Bcf in the East, 113 Bcf below the five-year average of 1.093 Tcf in the Midwest, 37 Bcf beneath the five-year average of 219 Bcf in the Mountain region, 86 Bcf less than the five-year average of 351 Bcf in the Pacific, and 297 Bcf under the five-year average of 1.246 Tcf in the South Central region.
