Natural gas demand is expected to tick up as summer temperatures rise. (Source: Shutterstock)
Producers added 122 Bcf of working gas to U.S. storage for the week ending May 30, the U.S. Energy Information Administration (EIA) reported June 5.
The report marked the sixth straight week of triple-digit increases to storage, which is the longest streak since May 2019. Natural gas demand is expected to tick up as summer temperatures rise.
Working gas in storage was 2.598 Tcf, according to EIA estimates. Stocks were 288 Bcf less than last year at this time. However, the storage amount was 117 Bcf above the five-year average of 2,481 Bcf.
The 122 Bcf injection was higher than market expectations of 111 Bcf.
The report caused natural gas front-month future prices at Henry Hub to fall slightly, from $3.69/MMBtu prior to the report release at 9:30 a.m. central to $3.64/MMBtu just after.
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