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U.S. natural gas storage rises 33 Bcf, above 31 Bcf expectations

The EIA reported a weekly injection above forecasts, lifting stockpiles to 3.117 Tcf as inventories stood 0.4% below year-ago levels but 6.7% above the five-year average.

Summary

U.S. energy firms added 33 billion cubic feet of natural gas to storage in the week ended July 31, exceeding the 31 Bcf build expected by analysts surveyed by The Wall Street Journal. Before the report, Nymex natural gas futures were down 1% at $2.662/mmBtu at 0925 ET. The injection lifted stockpiles to 3.117 trillion cubic feet, 0.4% below the same week a year earlier and 6.7% above the five-year average for the period. EBW Analytics had said late-summer heat support may be nearing an end, with expected Permian basin supply growth and a storage surplus pointing to weak fundamentals into the end of summer.

Terms & Concepts
  • EIA: The U.S. Energy Information Administration, which publishes the weekly U.S. natural gas storage report.
  • Bcf: Billion cubic feet, a standard unit used to measure natural gas volumes.
  • Permian basin: A major oil and gas producing region in Texas and New Mexico whose output can increase U.S. natural gas supply.