US natural gas stockpiles seen up 29 bcf in week ended Aug 16

Reuters

US natural gas stockpiles seen up 29 bcf in week ended Aug 16

2024 8월 22, 오후 12:45 GMT

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Aug 21 (Reuters) -U.S. utilities likely added just 29 billion cubic feet (bcf) of natural gas into storage last week as power generators burned more of the fuel to keep air conditioners humming during hotter than usual weather, 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 41 bcf for this time of year.

In the prior week ended Aug. 9, utilities pulled 6 bcf of gas from storage USOILN=ECI. That storage decline was the first weekly withdrawal in August since 2006.

If correct, the forecast for the week ended Aug. 16 would increase stockpiles to 3.293 trillion cubic feet (tcf), about 7% above the same week a year ago and 12.4% 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 90 cooling degree days (CDDs) last week, which was higher than the 30-year normal of 84 CDDs for the period, according to data from financial firm LSEG.

CDDs, used to estimate demand to cool homes and businesses, measure the number of degrees a day's average temperature is above 65 degrees Fahrenheit (18.3 Celsius).

Reuters polled 13 analysts, whose estimates ranged from injections of 20 bcf to 42 bcf, with a median increase of 27 bcf.

Early estimates for the week ending Aug. 23 ranged from injections of 20 bcf to 53 bcf, with an average increase of 36 bcf.

That compares with an increase of 28 bcf during the same week last year and a five-year average increase of 43 bcf.

Following is a list of the poll's participants. All figures are in billions of cubic feet:

Organization	Forecasts in (bcf)
Baker & O'Brien	42
DTN	41
Energy Ventures Analysis	35
SMC Report	33
Ritterbusch Associates	30
Snapper Creek	29
Natural Gas Intelligence	27
StoneX	26
Gelber Associate	25
C H Guernsey	24
TFS Energy	23
Price Futures Group	22
LSEG	20