U.S. Natural Gas Storage Rises As Expected
1058 ET – U.S. natural gas inventories increased by 110 billion cubic feet last week to 2,255 Bcf, putting supplies 57 Bcf or 2.6% above the five-year average, the EIA reports. The third straight triple-digit injection into underground storage was larger than the 83 Bcf average for the week, but in line with the 111 Bcf estimate in a Wall Street Journal survey of analysts. Inventories were 375 Bcf below their year-earlier level. Nymex natural gas futures are off 1.8% at $3.430/mmBtu. (anthony.harrup@wsj.com)
1013 ET – U.S. natural gas futures are lower ahead of the IEA's weekly storage data. Cooler than normal temperatures seen for the East and Midwest remain the bearish factor, BOK Financial's Dennis Kissler says in a note. 'Still, in the longer term there is a lot of summer ahead of us and most analysts, me included, believe there remains a very strong power demand pull that could arise if we see above-average heat in June,' he says. EIA storage data are expected to show a 111 Bcf injection for last week, according to a Wall Street Journal survey of analysts. That would increase the surplus over the five-year average to 58 Bcf from 30 Bcf the week before. Nymex natural gas is off 1% at $3.459/mmBtu. (anthony.harrup@wsj.com)
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