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MTECHTIPS;-U.S. natural gas stocks seen up 87 bcf in week to April 12: Reuters poll

Thursday, April 18, 2019 2:43

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MTECHTIPS;-U.S. natural gas stocks seen up 87 bcf in week to April 12: Reuters poll

MTECHTIPS-U.S. utilities likely injected a larger-than-normal 87 billion cubic feet (bcf) of natural gas into storage last week as production held near record levels and heating demand dropped with warmer-than-usual weather, according to a Reuters poll on Wednesday. The build for the week ended April 12 compared with a decline of 34 bcf during the same week a year ago and a five-year average injection of 21 bcf for the period. Utilities added 29 bcf to storage in the previous week ended April 5. The U.S. Energy Information Administration will release its weekly storage report at 10:30 a.m. EDT (1430 GMT) on Thursday. If analyst estimates are on target, the increase would boost stockpiles to 1.242 trillion cubic feet (tcf), which would still be the lowest for the week since 2014. That would be about 5 percent below the same week a year ago and about 25 percent below the five-year average. The amount of gas in storage has remained below the five-year average since September 2017. The weather was warmer than normal last week with 58 heating degree days (HDDs) versus a 30-year normal of 85 HDDs for the period. There were 114 HDDs in the same week a year ago

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