US natural gas stockpiles likely rose by 77 billion cubic feet last week
Oct 16 (Reuters) -U.S. utilities likely added a smaller-than-usual 77 billion cubic feet (bcf) of natural gas into storage last week, according to the average estimate in a Reuters poll on Wednesday.
That compared with an injection of 93 bcf during the same week a year ago and a five-year (2019-2023) average increase of 89 bcf for this time of year.
In the prior week ended Oct. 4, utilities added 82 bcf of gas into storage USOILN=ECI.
If correct, the forecast for the week ended Oct. 11 would increase stockpiles to 3.706 trillion cubic feet, about 3% above the same week a year ago and around 4.6% 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. EDT (1430 GMT) on Thursday.
There were 60 total degree days last week compared with a 30-year normal of 68 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 13 analysts, whose estimates ranged from injections of 63 bcf to 87 bcf, with a median increase of 78 bcf.
Early estimates for the week ending Oct. 18 ranged from injections of 28 bcf to 91 bcf, with an average increase of 60 bcf.
That compares with an increase of 81 bcf during the same week last year and a five-year average increase of 76 bcf.
Following is a list of the poll's participants. All figures are in billions of cubic feet:
Organization | Forecasts in bcf |
DTN | 63 |
Baker & O'Brien | 65 |
Ritterbusch Associates | 70 |
Gelber Associates | 72 |
StoneX Group | 76 |
LSEG | 77 |
SMC Report | 78 |
Energy Ventures Analysis | 80 |
Price Futures Group | 80 |
Snapper Creek | 81 |
Tradition Energy | 82 |
Energy Aspects | 86 |
C H Guernsey | 87 |
Reporting by Brijesh Patel in Bengaluru; Editing by Scott DiSavino and Paul Simao
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