Producers put 76 Bcf of natural gas into U.S. storage—a little less than market expectations—as the traditional storage season nears an end and prices continue to fall. (Source: Shutterstock)
Producers put 76 Bcf of natural gas into U.S. storage for the week ending Oct. 11, almost in line with market expectations of 78 Bcf, the U.S. Energy Information Administration reported Oct. 17.
The storage season for natural gas is coming to its usual close as fall sets in. Overall, the U.S. has approximately 3.71 Tcf of working gas in storage, 163 Bcf above the EIA’s five-year-average level of about 3.5 Tcf.
The gap between the current level and the five-year average has been shrinking since May, when it set new records.
The Henry Hub front month natural gas futures were flat after the release. The cost stood at $2.37/MMBtu at 11 a.m. CST, with no change from the start of trading.
Natural gas market prices had been in a rally period from the middle of August, with prices hitting $2.90/MMBtu on Sept. 23. Since then, mild weather forecasts and demand destruction due to hurricanes have caused bearish pricing.
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