US natgas stockpiles seen up 85 bcf in week ended May 3
Repeats POLL originally published on May 8, no changes
May 8 (Reuters) -U.S. utilities likely added a larger than usual 85 billion cubic feet (bcf) of natural gas into storage last week as mild weather limited demand for both heating and cooling, a Reuters poll showed on Wednesday.
That compares with an injection of 71 bcf during the same week a year ago and a five-year (2019-2023) average increase of 81 bcf for this time of year.
In the week ended April 26, utilities added 59 bcf of gas into storage USOILN=ECI.
The forecast for the week ended May 3 would increase stockpiles to 2.569 trillion cubic feet (tcf), about 21% above the same week a year ago and about 34% 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 54 total degree days (TDDs) last week compared with a 30-year normal of 69 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 Celsius) to estimate demand to cool or heat homes and businesses.
Reuters polled 12 analysts, whose estimates ranged from injections of 77 bcf to 91 bcf, with a median increase of 86 bcf.
Early estimates for the week ending May 10 ranged from additions of 73 bcf to 90 bcf, with an average increase of 80 bcf.
That compares with an increase of 93 bcf during the same week last year and a five-year average increase of 90 bcf.
Following is a list of the poll's participants. All figures are in billions of cubic feet:
Organization | Forecasts in (bcf) |
DTN | 82 |
Energy Aspects | 80 |
Gelber & Associates | 88 |
Snapper Creek Energy | 81 |
Energy Ventures Analysis | 84 |
Natural Gas Intelligence | 77 |
CH Guernsey | 87 |
LSEG | 86 |
Price Futures Group | 90 |
Ritterbusch Associates | 86 |
Baker & O'Brien | 91 |
Schneider Electric | 89 |
Reporting by Anjana Anil in Bengaluru; editing by Scott DiSavino and David Gregorio
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