{"id":7288,"date":"2023-05-11T11:05:56","date_gmt":"2023-05-11T15:05:56","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/u-s-natural-gas-saw-storage-build-of-78-billion-cubic-feet-last-week-eia\/"},"modified":"2023-05-11T11:05:57","modified_gmt":"2023-05-11T15:05:57","slug":"u-s-natural-gas-saw-storage-build-of-78-billion-cubic-feet-last-week-eia","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7288","title":{"rendered":"U.S. natural gas saw storage build of 78 billion cubic feet last week – EIA"},"content":{"rendered":"
\n

Investing.com — U.S. natural gas inventories rose by 78 billion cubic feet, or bcf, last week, the Energy Information Administration, or EIA, said Thursday, announcing a higher-than-expected build in an oversupplied market that needs to see less stockpile increases and more demand in order to rally.<\/p>\n

The build in for the week ended May 5 compares with the 76-bcf increase during the same week a year ago and a five-year (2018-2022) average build of 87 bcf.<\/p>\n

In the previous week to April 28, utilities added 54 bcf to gas storage.<\/p>\n

Industry analysts tracked by Investing.com had forecast a 74-bcf build for the week to May 5.<\/p>\n

The latest build pushed up total gas stored in underground caverns in the United States to 2.141 trillion cubic feet, or tcf. That was 31.2% higher from the year-ago level of 1.632 tcf and 18.4% above the five-year average of 1.809 tcf.<\/p>\n

\u201cPrecipitation and a low pressure system rolling through Texas currently have cooled the warmer temperatures that have materialized as of late reducing some of the necessary cooling demand,\u201d\u00a0said Houston-based energy markets advisory Gelber & Associates in a note on natural gas.<\/p>\n

For a precise reading, heat data from Reuters-associated data provider Refinitiv showed there were around 62 heating degree days, or HDDs, last week compared with a 30-year normal of 47 HDDs for the period, according to data provider Refinitiv.<\/p>\n

HDDs measure the number of degrees a day’s average temperature is below 65 degrees Fahrenheit (18 degrees Celsius) to estimate demand to heat homes and businesses.<\/p>\n

After the release of Thursday\u2019s inventory data, the most-active on the New York Mercantile Exchange\u2019s Henry Hub tumbled to a session low of $2.167 per mmBtu or million metric British thermal units. It, however, recovered to trade up 4.1 cents, or 1.9%, to $2.232 per mmBtu by 10:45 ET (14:45 GMT).<\/p>\n

A year ago, the benchmark gas contract on the Henry Hub was trading at between $7 to $8 per mmBtu, with a high of above $9 on fears of a supply squeeze triggered by the Russia-Ukraine conflict.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — U.S. natural gas inventories rose by 78 billion cubic feet, or bcf, last week, the Energy Information Administration, or EIA, said Thursday, announcing a higher-than-expected build in an oversupplied market that needs to see less stockpile increases and more demand in order to rally. The build in for the week ended May 5 […]<\/p>\n","protected":false},"author":1,"featured_media":7289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-7288","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nU.S. natural gas saw storage build of 78 billion cubic feet last week - EIA | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- U.S. natural gas inventories rose by 78 billion cubic feet, or bcf, last week, the Energy Information Administration, or EIA, said\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=7288\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. natural gas saw storage build of 78 billion cubic feet last week - 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