US natural gas stockpiles seen up 6 bcf in week ended Aug 9
Aug 14 (Reuters) -U.S. utilities likely added a much smaller-than-usual 6 billion cubic feet (bcf) of natural gas into storage last week as warmer-than-normal weather boosted cooling demand, a Reuters poll showed on Wednesday.
That compared with an injection of 33 bcf during the same week a year ago and a five-year (2019-2023) average increase of 43 bcf for this time of year.
In the prior week ended Aug. 2, utilities added 21 bcf of gas into storage USOILN=ECI.
If correct, the forecast for the week ended Aug. 9 would increase stockpiles to 3.276 trillion cubic feet (tcf), about 7.2% above the same week a year ago and 13.4% 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 101 cooling degree days (CDDs) last week, which was higher than the 30-year normal of 87 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.
Reuters polled 15 analysts, whose estimates ranged from withdrawal of 6 bcf to injection of 26 bcf, with a median increase of 4 bcf.
Early estimates for the week ending Aug. 16 ranged from a withdrawal of 3 bcf to an injection of 52 bcf, with an average increase of 33 bcf.
That compares with an increase of 23 bcf during the same week last year and a five-year average increase of 41 bcf.
Following is a list of the poll's participants. All figures are in billions of cubic feet:
Organization | Forecasts in (bcf) |
C H Guernsey | 26 |
SMC Report | 25 |
DTN | 23 |
Baker & O'Brien | 12 |
Ritterbusch Associates | 10 |
Gelber Associate | 9 |
Engie Insight | 5 |
TFS Energy | 4 |
StoneX | 2 |
Natural Gas Intelligence | 1 |
Energy Aspects | -2 |
Snapper Creek | -3 |
Price Futures Group | -3 |
Energy Ventures Analysis | -5 |
LSEG | -6 |
Reporting by Anushree Mukherjee in Bengaluru; Editing by Marguerita Choy
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