POLL-U.S. natgas stockpiles seen up 86 bcf in week to May 27
Repeats POLL and TABLE originally published on June 1, no changes
June 1 (Reuters) – U.S. utilities likely added a smaller-than-usual 86 billion cubic feet (bcf) of natural gas to storage last week as power generators burned more gas to produce electricity due to high coal prices and a lack of wind power, a Reuters poll showed on Wednesday.
That compares with a build of 100 bcf during the same week a year ago and a five-year (2017-2021) average injection of 100 bcf.
In the prior week, utilities added 80 bcf of gas to storage. USOILN=ECI
The injection analysts forecast for the week ended May 27 would lift stockpiles to 1.898 trillion cubic feet (tcf), about 15.2% below the five-year average and 17.4% below the same week a year ago.
The U.S. Energy Information Administration releases its weekly storage report at 10:30 a.m. EDT (1430 GMT) on Thursday.
Energy traders noted U.S. utilities likely injected a lower than usual amount of gas into storage last week in part because high coal CQNYMC1 prices and low wind power forced generators to burn more gas to keep the lights on.
Wind produced about 12% of U.S. power last week and gas produced about 37%, the same as in the prior week and down from a recent high of 16% for wind and a recent low of 33% for gas, according to federal data. NGA/
The weather was not much of a factor in gas use last week since there were around 38 cooling degree days (CDDs) less than the 30-year normal of 41 CDDs for the period, data from Refinitiv showed.
CDDs, used to estimate demand to cool homes and businesses, measure the number of degrees a day’s average temperature is above 65 degrees Fahrenheit.
Reuters polled 14 analysts, whose estimates ranged from injections of 76 bcf to 93 bcf, with a median increase of 87 bcf.
Early estimates for the week ending June 3 ranged from injections of 82 bcf to 109 bcf, with a mean increase of 96 bcf.
That compares with an injection of 98 bcf during the same week last year and a five-year average injection of 100 bcf.
Following is a list of the poll’s participants. All figures are in billions of cubic feet:
Organization
Forecasts (in bcf)
Baker & O’Brien
93
DTN
92
Gelber & Associates
92
Citi Futures
91
SMC Report
91
C H Guernsey
90
StoneX Group Inc
88
Price Futures Group
86
Ritterbusch Associates
85
S&P Global
82
Energy Aspects
81
Schneider Electric
79
Energy Ventures Analysis
78
Tradition Energy
76
(Reporting by Seher Dareen in Bengaluru; editing by Scott DiSavino and David Gregorio)
((Seher.Dareen@thomsonreuters.com; If within U.S. +1 646 223 8780;))
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