U.S. natural gas storage build for the week ending July 31 were roughly in line with market expectations, with net injections increasing by 33 billion cubic feet (Bcf).
The latest estimate by the U.S. Energy Information Administration (EIA) is of total storage levels at 3,274 Bcf in the Lower 48 states. The stocks are 601 Bcf, or 22.5%, higher than last year. Volumes are also 429 Bcf, or 15.1%, above the five-year average of 2,845 Bcf.
The biggest weekly build in inventories happened in facilities in the Midwest, where stocks rose 15 Bcf. Storage facilities in South Central U.S. hold the largest underground gas storage at 1,214 Bcf, Kallanish Energy reports.
Energy Aspects’ analysts had forecast the weekly build at 31 Bcf, while the survey from The Desk estimated a net change ranging from 23 Bcf to 35 Bcf, with a median estimate of 30 Bcf.
“If the rate of injections into storage matched the five-year average of 9.5 Bcf/d for the remainder of the refill season, the total inventory would be 4,152 Bcf on October 31, which is 429 Bcf higher than the five-year average of 3,723 Bcf for that time of year,” according to the EIA.
This post appeared first on Kallanish Energy News.