Natural gas stocks are 369 Bcf above the five-year average for this time of year with a total of 3.3 Tcf currently in storage. (Source: Shutterstock)
Producers added 35 Bcf of natural gas to U.S. storage for the week ending Aug. 16, surpassing forecasts by 10 Bcf, the Energy Information Administration (EIA) announced Aug. 22.
The news disappointed the market. Following the release, the cost of natural gas dropped at the Henry Hub and was $2.05/MMbtu at 12:30 a.m. EST on Aug. 22.
Most of the additional gas in storage came from the Appalachian Basin. The Midwest added 19 Bcf and the East added 12 Bcf, according to the EIA. No other region of the country added more than 3 Bcf, and the South Central region, including Texas and Louisiana, added 0 [Bcf].
The amount is the largest weekly increase in natural gas added to storage since the first week of July. Last week, the EIA reported a rare summertime drop of 6 Bcf for the first time since 2018.
Natural gas stocks are 369 Bcf above the five-year average for this time of year with a total of 3.3 Tcf currently in storage.
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