U.S. natural gas storage inventories rose by 56 billion cubic feet (Bcf) on the week ending July 3, the U.S. Energy Information Administration (EIA) estimated on Thursday.
The weekly build is in line with Energy Aspect’s forecast of 54 Bcf ahead of the report. The London-based market research company said the reported storage growth reflects demand from the power sector, given there have been only “minor moves from total supply and industrial demand.”
According to the EIA’s weekly report, working gas in underground storage in the Lower 48 states reached 3,133 Bcf as of July 3. Stocks were 685 Bcf, or 28%, higher than last year, and 454 Bcf, or 16.9%, above the five-year average of 2,679 Bcf, Kallanish Energy notes.
The highest weekly change was in storage located in the Midwest region, where injections rose by 21 Bcf to 761 Bcf. Facilities in the South Central region hold the largest gas inventories in the country at 1,226 Bcf.
This post appeared first on Kallanish Energy News.