U.S. Natural Gas Inventories Fall 102 Bfc

(CEP News) - Underground U.S. natural gas storage declined by 102 billion cubic feet last week but supplies remain at above-average levels, according to data released Thursday.

The drawdown was slightly smaller than the consensus estimate of -105 bcf, but more than the 24 bcf decrease reported last week. Estimates ranged from -80 bcf to -112 bcf, according to Bloomberg’s survey.

The front month natural gas contract was higher by $0.040 to $4.30 mmbtu shortly after the report.

The Energy Information Administration (EIA) said total gas in storage was 1,793 bcf, and that supplies are higher than at this time last year and above the five-year average.

“Stocks were 270 Bcf higher than last year at this time and 218 Bcf above the 5-year average of 1,575 Bcf,” the EIA said.

All data taken at 10:32 a.m. EST.

By Adam Button, abutton@economicnews.ca

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