US natural gas stockpiles seen up 82 bcf last week
Repeats item that first ran on Wednesday
Oct 30 (Reuters) -U.S. utilities likely added a larger-than-usual 82 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 compared with an injection of 77 bcf during the same week a year ago and a five-year (2019-2023) average increase of 67 bcf for this time of year.
In the prior week, ended Oct. 18, utilities added 80 bcf of gas into storage USOILN=ECI.
If correct, the forecast for the week ended Oct. 25 would increase stockpiles to 3.867 trillion cubic feet, about 3.0% above the same week a year ago and around 4.9% 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. EDT (1430 GMT) on Thursday.
There were 54 total degree days last week compared with a 30-year normal of 83 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 injections of 75 bcf to 92 bcf, with a median increase of 81 bcf.
Early estimates for the week ending Nov. 1 ranged from injections of 40 bcf to 76 bcf, with an average increase of 62 bcf.
That compares with an increase of 19 bcf during the same week last year and a five-year average increase of 32 bcf.
Following is a list of the poll's participants. All figures are in billions of cubic feet:
Organization | Forecasts in bcf |
DTN | 75 |
ENGIE Insight | 75 |
Price Futures Group | 76 |
Natural Gas Intelligence | 79 |
Ritterbusch Associates | 80 |
SMC Report | 80 |
Energy Ventures Analysis | 80 |
StoneX Group | 81 |
LSEG | 82 |
Baker & O'Brien | 83 |
Snapper Creek | 86 |
TFS Energy | 86 |
Gelber Associates | 90 |
C H Guernsey | 92 |
Reporting by Anmol Choubey in Bengaluru; editing by Scott DiSavino and Hugh Lawson
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