EIA Reports Below-Forecast 67 Bcf Natural-Gas Storage Injection
Updated
Summary
The EIA reported a 67-billion-cubic-foot natural-gas storage injection for the week ending October 9, below forecasts of 76 bcf and the five-year average of 90 bcf.
Why it matters
US natural-gas inventories reached 3.567 trillion cubic feet, 3.9% below year-earlier levels but 1.3% above the seasonal norm.
Lower 48 natural-gas production averaged 110.8 billion cubic feet per day so far in October, down from record levels of 113.3 bcfd in August and September; hurricane-related shutdowns, force majeure events and pipeline disruptions contributed to the decline.
Average feedgas deliveries to major US LNG export terminals slipped to 17.5 bcfd from 17.9 bcfd in September.
What remains uncertain
Forecasts for milder-than-usual weather through October 29 could restrain heating and cooling demand.