U.S. utilities likely added a smaller-than-usual 69 billion cubic feet (bcf) of natural gas into storage last week as low gas prices earlier this year caused drillers to cut output, a Reuters poll showed on Thursday.
That compares with an injection of 92 bcf during the same week a year ago and a five-year (2019-2023) average increase of 83 bcf for this time of year.
In the prior week ended June 7, utilities added 74 bcf of gas into storage.
The forecast for the week ended June 14 would increase stockpiles to 3.043 trillion cubic feet (tcf), about 12.6% above the same week a year ago and about 22.5% above the five-year average for the week.
The U.S. Energy Information Administration (EIA) will release its weekly storage report at 10:30 a.m. EDT (1430 GMT) on Friday.
The EIA’s weekly storage report, which is usually released on Thursday, was delayed to Friday due to the U.S. Juneteenth holiday on Wednesday.
Financial firm LSEG said gas output in the Lower 48 U.S. states has edged up to an average of 98.2 billion cubic feet per day (bcfd) so far in June, slightly above May’s 25-month low of 98.1 bcfd.
That was still well below the monthly record high of 105.5 bcfd from December 2023.
There were 75 total degree days (TDDs) last week compared with a 30-year normal of 70 for the period, according to data from financial firm LSEG.
TDDs measure the number of degrees a day’s average temperature is above or below 65 degrees Fahrenheit (18 degrees Celsius) to estimate demand to cool or heat homes and businesses.
Reuters polled 13 analysts, whose estimates ranged from injections of 64 bcf to 80 bcf, with a median increase of 69 bcf.
Early estimates for the week ending June 21 ranged from additions of 30 bcf to 66 bcf, with an average increase of 47 bcf.
That compares with an increase of 81 bcf during the same week last year and a five-year average increase of 85 bcf.
(Reporting by Anmol Choubey in Bengaluru; editing by Scott DiSavino and Jan Harvey)