US natgas stockpiles seen up 90 bcf in week ended May 31
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June 5 (Reuters) -U.S. utilities likely added a smaller-than-usual 90 billion cubic feet (bcf) of natural gas into storage last week, a Reuters poll showed on Wednesday.
That compares with an injection of 105 bcf during the same week a year ago and a five-year (2019-2023) average increase of 103 bcf for this time of year.
In the prior week ended May 24, utilities added 84 bcf of gas into storage USOILN=ECI.
The forecast for the week ended May 31 would increase stockpiles to 2.885 trillion cubic feet (tcf), about 14.5% above the same week a year ago and about 24.8% 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 has averaged 98.1 billion cubic feet per day (bcfd) so far in June, the same as in May, according to data from financial firm LSEG.
That, however, is well below the monthly record high of 105.5 bcfd in December 2023.
There were 61 total degree days (TDDs) last week compared with a 30-year normal of 64 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 14 analysts, whose estimates ranged from injections of 85 bcf to 95 bcf, with a median increase of 90 bcf.
Early estimates for the week ending June 7 ranged from additions of 61 bcf to 90 bcf, with an average increase of 75 bcf.
That compares with an increase of 90 bcf during the same week last year and a five-year average increase of 89 bcf.
Following is a list of the poll's participants. All figures are in billions of cubic feet:
Organization | Forecasts in (bcf) |
Price Futures Group | 85 |
StoneX Group | 86 |
LSEG | 87 |
Ritterbusch Associates | 87 |
Energy Ventures Analysis | 88 |
C H Guernsey | 89 |
Baker & O'Brien | 90 |
SMC report | 90 |
DTN | 91 |
Engie Insight | 91 |
Snapper Creek Energy | 91 |
Energy Aspects | 92 |
Gelber & Associates | 93 |
Schneider Electric | 95 |
Reporting by Anmol Choubey in Bengaluru; editing by Scott DiSavino and Josie Kao
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