US natural gas stockpiles likely down 126 billion cubic feet last week
Updates with the LSEG and Gelber Associates estimates
Dec 18 (Reuters) -U.S. energy firms likely pulled a much larger than usual 126 billion cubic feet (bcf) of natural gas from storage last week, according to the average estimate of analysts in a Reuters poll on Wednesday.
That draw would far exceed the declineof 78 bcf during the same week a year ago and the five-year (2019-2023) average decrease of 92 bcf for this time of year.
In the prior week ended Dec. 13, utilities pulled 190 bcf of gas from storage. USOILN=ECI
If correct, the forecast for the week ended Dec. 13 would cut stockpiles to 3.621trillion cubic feet, about 0.5%above the same week a year ago and around 3.8% 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 162 heating degree days (HDDs) last week, compared with a 30-year normal of 168 for the period, data from financial firm LSEG showed.
HDDs measure the number of degrees a day's average temperature is below 65 degrees Fahrenheit (18 Celsius) to estimate demand to heat homes and businesses.
Reuters polled 16 analysts, whose estimates ranged from withdrawals of 115 bcf to 147 bcf, with a median decrease of 126 bcf.
Early estimates for the week ending Dec. 20 ranged from withdrawals of 74 bcf to 115 bcf, with an average decrease of 97 bcf.
That compares with a withdrawal of 87 bcf during the same week last year and a five-year average decrease of 127 bcf.
Following is a list of poll participants. All figures are in billions of cubic feet:
Organization | Forecasts in bcf |
Price Futures Group | -115 |
Baker & O'Brien | -116 |
Ritterbusch Associates | -118 |
DTN | -119 |
Energy Aspects | -121 |
StoneX Group | -123 |
Natural Gas Intelligence | -124 |
Engie Insight | -126 |
C H Guernsey | -126 |
Energy Ventures Analysis | -127 |
SMC Report | -127 |
TFS Energy | -129 |
Gelber Associates | -130 |
Snapper Creek | -140 |
LSEG | -142 |
Schork Group | -147 |
Reporting by Anmol Choubey in Bengaluru; editing by Scott DiSavino and David Gregorio
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