US natgas stockpiles seen up 55 bcf in week ended July 5
July 10 (Reuters) -U.S. utilities likely added a near-normal 55 billion cubic feet (bcf) of natural gas into storage last week as rising output offset increased cooling demand during hotter-than-usual weather, a Reuters poll showed on Wednesday.
That compares with an injection of 57 bcf during the same week a year ago and a five-year (2019-2023) average increase of 57 bcf for this time of year.
In the prior week ended June 28, utilities added 32 bcf of gas into storage USOILN=ECI.
If correct, the forecast for the week ended July 5 would increase stockpiles to 3.189 trillion cubic feet (tcf), about 9.4% above the same week a year ago and 18.3% 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.
Financial firm LSEG said gas output in the Lower 48 U.S. states rose to an average of 102.4 billion cubic feet per day (bcfd) so far in July, up from an average of 100.2 bcfd in June.
There were 99 total degree days (TDDs) last week compared with a 30-year normal of just 85 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 14 analysts, whose estimates ranged from injections of 49 bcf to 65 bcf, with a median increase of 55 bcf.
Early estimates for the week ending July 12 ranged from additions of 18 bcf to 55 bcf, with an average increase of 38 bcf.
That compares with an increase of 43 bcf during the same week last year and a five-year average increase of 49 bcf.
Following is a list of the poll's participants. All figures are in billions of cubic feet:
Organization | Forecasts in (bcf) |
Snapper Creek | 65 |
LSEG | 64 |
Energy Aspects | 60 |
Baker & O'Brien | 56 |
Energy Ventures Analysis | 56 |
Gelber Associate | 56 |
Natural Gas Intelligence | 55 |
Price Group | 55 |
Schork Group | 54 |
StoneX | 53 |
SMC Report | 51 |
DTN | 51 |
Ritterbusch Associates | 49 |
C H Guernsey | 49 |
Reporting by Anmol Choubey in Bengaluru; editing by Scott DiSavino and David Gregorio
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