Energy Preview: US Natural Gas Storage Well Below Five Year Average

capital market | Mumbai | October 06, 2017 09:38 IST

Energy Preview: US Natural Gas Storage Well Below Five Year Average

US working natural gas inventory levels in the Lower 48 states since April have been lower than they were in 2016, according to EIAs Weekly Natural Gas Storage Report.However, they are still higher than the previous five-year average (2012-2016). Current storage level - at 3.466 trillion cubic feet (Tcf) - narrow its surplus to the five-year average to 41 Bcf (1.2%), while stocks are still 127 Bcf (3.5%) below the year-ago figure. Natural gas storage levels typically decrease during the winter heating season (November through March) and increase during the injection season (April through October). Natural gas inventories were relatively high going into the 2017 injection season because warmer-than-normal winter temperatures reduced last winters demand for heating in homes and buildings. This resulted in lower-than-normal natural gas withdrawals from storage this past winter and led to the first-ever net injection in the month of February.

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