US natural gas stockpiles seen up 16 bcf in week ended July 19
July 24 (Reuters) -U.S. utilities likely added a smaller-than-usual 16 billion cubic feet (bcf) of natural gas into storage last week as power generators burned more gas to keep air conditioners humming during a brutal heatwave, a Reuters poll showed on Wednesday.
That compared with an injection of 23 bcf during the same week a year ago and a five-year (2019-2023) average increase of 31 bcf for this time of year.
In the prior week ended July 12, utilities added 10 bcf of gas into storage USOILN=ECI.
If correct, the forecast for the week ended July 19 would increase stockpiles to 3.225 trillion cubic feet (tcf), about 8.1% above the same week a year ago and 16.2% above the five-year average for the week.
The U.S. Energy Information Administration (EIA) will release its weekly storage report at 10:30 a.m. EDT (1430 GMT) on Thursday.
There were 105 total degree days (TDDs) last week compared with a 30-year normal of just 91 for the period, according to data from financial firm LSEG.
TDDs 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 15 analysts, whose estimates ranged from injections of 8 bcf to 24 bcf, with a median increase of 15 bcf.
Early estimates for the week ending July 26 ranged from additions of 15 bcf to 51 bcf, with an average increase of 39 bcf.
That compared with an increase of 15 bcf during the same week last year and a five-year average increase of 33 bcf.
Following is a list of the poll's participants. All figures are in billions of cubic feet:
Organization | Forecasts in (bcf) |
C H Guernsey | 24 |
Gelber Associate | 24 |
Ritterbusch Associates | 22 |
SMC Report | 20 |
StoneX | 19 |
TFS Energy | 19 |
Baker & O'Brien | 18 |
Price Group | 15 |
DTN | 15 |
Energy Ventures Analysis | 11 |
Energy Aspects | 11 |
Natural Gas Intelligence | 11 |
LSEG | 10 |
Engie Insight | 8 |
Snapper Creek | 8 |
Reporting by Anmol Choubey in Bengaluru; Editing by Scott DiSavino and Marguerita Choy
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