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Vista Projects
Copper Tip Energy
Vista Projects

U.S. Natgas Stockpiles Seen up 78 Bcf in Week Ended May 24

These translations are done via Google Translate
U.S. utilities likely added a smaller-than-usual 78 billion cubic feet (bcf) of natural gas into storage last week as low gas prices earlier this year caused drillers to cut output, a Reuters poll showed on Wednesday.

That compares with an injection of 106 bcf during the same week a year ago and a five-year (2019-2023) average increase of 104 bcf for this time of year.

In the prior week ended May 17, utilities added 78 bcf of gas into storage.

The forecast for the week ended May 24 would increase stockpiles to 2.789 trillion cubic feet (tcf), about 15% above the same week a year ago and about 26% 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.

Gas output in the Lower 48 U.S. states fell to an average of 97.7 billion cubic feet per day (bcfd) so far in May, down from 98.2 bcfd in April, according to financial firm LSEG. That compares with a monthly record of 105.5 bcfd in December 2023.

There were 63 total degree days (TDDs) last week compared with a 30-year normal of 63 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 12 analysts, whose estimates ranged from injections of 73 bcf to 86 bcf, with a median increase of 78 bcf.

Early estimates for the week ending May 31 ranged from additions of 73 bcf to 95 bcf, with an average increase of 86 bcf.

That compares with an increase of 105 bcf during the same week last year and a five-year average increase of 103 bcf.

(Reporting by Rahul Paswan in Bengaluru; editing by Scott DiSavino and Nick Zieminski)

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