🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

U.S. natural gas storage sees higher-than-expected injection second week in row

Published 27/04/2023, 16:54
© Reuters
NG
-

Investing.com -- US natural gas storage for the week ended April 21 rose by 79 billion bcf, or billion cubic feet, the Energy Information Administration, or EIA, reported on Thursday, surpassing inventory expectations for a second straight week as heating demand disappointed.

Industry analysts tracked by Investing.com had projected an injection of 75 bcf for last week after all the burning done for power generation as well as for heating.

The latest weekly injection bumped up total gas inventories to 2.009 trillion cubic feet or tcf, EIA records showed. At current levels, the gas storage stands at 35% above the year-ago level of 1.484 tcf and 22% higher than the five-year average of 1.644 tcf.

“This puts the market in a great position for filling storage to the necessary levels for the winter and should injections continue to be on the heavier side an end-of-season level of 3.8-3.9 Tcf is more than possible,” Houston-based energy markets advisor Gelber & Associates said in a note.

There were around 62 heating degree days, or HDDs, last week compared with a 30-year normal of 68 HDDs for the period, data-associated weather data provider Refinitiv said in a forecast.

HDDs measure the number of degrees a day's average temperature is below 65 degrees Fahrenheit (18 degrees Celsius) to estimate demand to heat homes and businesses.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.