US gas storage build exceed expectations

U.S. natural gas storage build surpassed expectations rising by 120 billion cubic feet (Bcf) in the week ending June 19, according to data from the U.S. Energy Information Administration (EIA).

The latest estimates, covering the week of 12-19 June, pointed to a storage level of 3,012 Bcf. The volume is 32.5% higher than the same period last year when Lower 48 states’ inventories were at 2,273 Bcf. It’s also 18.3% above the five-year average of 2,546 Bcf, Kallanish Energy learns.

The weekly stock build was more than the 111 Bcf average estimated by gas analysts answering a The Desk survey, the EIA said.

“If the rate of injections into storage matched the five-year average of 8.8 Bcf/d for the remainder of the refill season, the total inventory would be 4,189 Bcf on October 31 – which is 466 Bcf higher than the five-year average of 3,723 Bcf for that time of year,” the agency added.

This post appeared first on Kallanish Energy News.