US natural gas stockpiles seen up 27 bcf in week ended July 12
July 17 (Reuters) -U.S. utilities likely added a smaller-than-usual 27 billion cubic feet (bcf) of natural gas into storage last week as power generators burned lots of gas to keep air conditioners humming during a brutal heat wave, a Reuters poll showed on Wednesday.
That compared with an injection of 43 bcf during the same week a year ago and a five-year (2019-2023) average increase of 49 bcf for this time of year.
In the prior week ended July 5, utilities added 65 bcf of gas into storage USOILN=ECI.
If correct, the forecast for the week ended July 12 would increase stockpiles to 3.226 trillion cubic feet (tcf), about 9% above the same week a year ago and 17.6% 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 108 total degree days (TDDs) last week compared with a 30-year normal of just 88 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 12 bcf to 48 bcf, with a median increase of 28 bcf.
Early estimates for the week ending July 19 ranged from additions of 15 bcf to 66 bcf, with an average increase of 24 bcf.
That compared with an increase of 23 bcf during the same week last year and a five-year average increase of 31 bcf.
Following is a list of the poll's participants. All figures are in billions of cubic feet:
Organization | Forecasts in (bcf) |
SMC Report | 48 |
C H Guernsey | 39 |
Gelber Associate | 34 |
Baker & O'Brien | 32 |
Price Group | 30 |
StoneX | 30 |
Schork Group | 28 |
Ritterbusch Associates | 28 |
Energy Ventures Analysis | 26 |
Snapper Creek | 24 |
LSEG | 23 |
Energy Aspects | 21 |
DTN | 21 |
TFS Energy | 21 |
Natural Gas Intelligence | 12 |
Reporting by Anmol Choubey in Bengaluru; editing by Scott DiSavino and Paul Simao
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
