US natural gas stockpiles likely up 6 billion cubic feet last week
Repeats Wednesday story with no change to text
Nov 20 (Reuters) -U.S. utilities likely added 6 billion cubic feet (bcf) of natural gas into storage last week as mild weather kept heating demand low, according to the average estimate in a Reuters poll on Wednesday.
That compares with an injection of 12 bcf during the same week a year ago and a five-year (2019-2023) average decrease of 16 bcf for this time of year.
In the prior week ended Nov. 8, utilities added 42 bcf of gas into storage. USOILN=ECI
If correct, the forecast for the week ended Nov. 15 would increase stockpiles to 3.980 trillion cubic feet, about 4% above the same week a year ago and around 6.7% above the five-year average for the week.
The U.S. Energy Information Administration will release its weekly storage report at 10:30 a.m. EST (1530 GMT) on Thursday.
There were 99 total degree days last week compared with a 30-year normal of 120 for the period, according to data from financial firm LSEG.
Total degree days measure the number of degrees a day's average temperature is above or below 65 degrees Fahrenheit (18 degrees Celsius) to estimate demand to cool or heat homes and businesses.
Reuters polled 14 analysts, whose estimates ranged from a withdrawal of 3 bcf to an injection of 15 bcf, with a median increase of 5 bcf.
Early estimates for the week ending Nov. 22 ranged from a withdrawal of 17 bcf to an injection of 11 bcf, with an average decrease of 3 bcf.
That compares with an increase of 5 bcf during the same week last year and a five-year average decrease of 30 bcf.
Following is a list of the poll's participants. All figures are in billions of cubic feet:
Organization | Forecasts in bcf |
Energy Aspects | -3 |
LSEG | -2 |
Price Futures Group | -1 |
Snapper Creek | 1 |
StoneX Group | 3 |
TFS Energy | 3 |
Natural Gas Intelligence | 4 |
Energy Ventures Analysis | 6 |
DTN | 9 |
Baker & O'Brien | 10 |
Ritterbusch Associates | 11 |
Schork Group | 11 |
C H Guernsey | 14 |
SMC Report | 15 |
Reporting by Anmol Choubey in Bengaluru; editing by Scott DiSavino and Chris Reese
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