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Storage inventories increased 38 Bcf to 1.883 Tcf for the week-ended April 16, the US Energy Information Administration reported April 22. The build barely missed the 37 Bcf addition expected by an S&P Global Platts survey of analysts, as well as the five-year average build of 37 Bcf, according to EIA data.
The injection measured well below the 61 Bcf build reported for the week prior, in part due to lower total US supply. The decline was mainly centered on an unexpected fall in production in the Southeast and Texas regions. Production in Texas alone fell by nearly 500 MMcf/d for the second week in a row, while Southeast output shed roughly 350 MMcf/d, according to Platts Analytics.
The natural gas storage report from the EIA for the week ending April 9th indicated that the amount of natural gas held in underground storage in the US rose by 61 billion cubic feet to 1,845 billion cubic feet by the end of the week, which left our gas supplies 242 billion cubic feet, or 11.6% below the 2,087 billion cubic feet that were in storage on April 9th of last year, but now 11 billion cubic feet, or 0.6% above the five-year average of 1,834 billion cubic feet of natural gas that have been in storage as of the 9th of April in recent years..the 61 billion cubic feet that were added to US natural gas storage this week was less than the average forecast of a 65 billion cubic foot addition from an S&P Global Platts survey of analysts, and was also less than the 68 billion cubic feet added to natural gas storage during the corresponding week of 2020, but it far surpassed the average addition of 26 billion cubic feet of natural gas that have typically been injected into natural ga
Weekly US natural gas storage injection dwarfs five-year average build: EIA
Natural gas injected into US underground storage fields the week ended April 9 dwarfed the five-year average once again, but the Henry Hub summer strip gained some ground while the latest forecasts for the end-of-season total neared 3.5 Tcf.
Inventories increased 61 Bcf to 1.845 Tcf, US Energy Information Administration data showed April 15.
The build was less than the 65 Bcf addition expected by an S&P Global Platts’ survey of analysts, but it far surpassed the five-year average build of 26 Bcf, according to EIA data.
The week ended April 9 spanned the Easter holiday, which typically produces notable decreases in demand. Total demand fell 6 Bcf/d, with residential and commercial losses accounting for 4.5 Bcf/d of the drop, according to Platts Analytics.
Houston Midcontinent Independent System Operator wholesale power prices strengthened this March, particularly in Louisiana and Texas, compared with March 2020, mainly because of continued natural gas price strength resulting from the mid-February winter storm. MISO forwards were also higher for similar reasons.
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Day-ahead on-peak locational marginal prices averaged in the low to mid-$20s/MWh across MISO s central and northern hubs, but averaged around $30/MWh in the Louisiana and Texas hubs hit hard by the mid-February winter storm, according to S&P Global Platts pricing data.
At the Chicago city-gates, spot gas averaged $2.471/MMBtu this March, down sharply from February s $22.751/MMBtu but up sharply from March 2020 s $1.573/MMBtu.
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Inventories increased 61 Bcf to 1.845 Tcf, US Energy Information Administration data showed April 15.
The build was less than the 65 Bcf addition expected by an S&P Global Platts survey of analysts, but it far surpassed the five-year average build of 26 Bcf, according to EIA data.
The week ended April 9 spanned the Easter holiday, which typically produces notable decreases in demand. Total demand fell 6 Bcf/d, with residential and commercial losses accounting for 4.5 Bcf/d of the drop, according to Platts Analytics.
While gas continued to take incremental market share from coal, lower power loads resulted in a weakened call on thermal generation, producing a nearly 1 Bcf/d decline in gas-fired power generation week over week.