US natural gas stockpiles likely up 1 billion cubic feet last week
Nov 26 (Reuters) -U.S. utilities likely added 1 billion cubic feet (bcf) of natural gas into storage last week as mild weather kept heating demand low, according to the average estimate of analysts in a Reuters poll on Tuesday.
That compares with an injection of 5 bcf during the same week a year ago and a five-year (2019-2023) average decrease of 30 bcf for this time of year.
In the prior week ended Nov. 15, utilities pulled 3 bcf of gas from storage. USOILN=ECI
If correct, the forecast for the week ended Nov. 22 would increase stockpiles to 3.970 trillion cubic feet, about 3.5% above the same week a year ago and around 7.3% above the five-year average for the week.
The U.S. Energy Information Administration (EIA) will release its weekly storage report at 12:00 p.m. EST (1700 GMT) on Wednesday.
The EIA will release its report one day prior to usual due to the U.S. Thanksgiving Day holiday on Nov. 28.
There were 107 total degree days (TDDs) last week compared with a 30-year normal of 132 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 10 analysts, whose estimates ranged from a withdrawal of 11 bcf to an injection of 9 bcf, with a median increase of 3 bcf.
Early estimates for the week ending Nov. 29 ranged from withdrawals of 6 bcf to 53 bcf, with an average decrease of 38 bcf.
That compares with a withdrawal of 81 bcf during the same week last year and a five-year average decrease of 47 bcf.
Following is a list of poll participants. All figures are in billions of cubic feet:
Organization | Forecasts in bcf |
C H Guernsey | -11 |
DTN | -7 |
Price Futures Group | -6 |
Snapper Creek | -3 |
Natural Gas Intelligence | 1 |
Ritterbusch Associates | 4 |
Schork Group | 4 |
LSEG | 5 |
Energy Ventures Analysis | 6 |
Gelber Associates | 9 |
Reporting by Anmol Choubey in Bengaluru; editing by Scott DiSavino and Nick Zieminski
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