U.S. utilities likely added a smaller-than-usual 32 billion cubic feet (bcf) of natural gas into storage last week as hot weather prompted power generators to burn more gas than usual to keep air conditioners humming, a Reuters poll showed on Tuesday.
That compares with an injection of 76 bcf during the same week a year ago and a five-year (2019-2023) average increase of 69 bcf for this time of year.
In the prior week ended June 21, utilities added 52 bcf of gas into storage.
If correct, the forecast for the week ended June 28 would increase stockpiles to 3.129 trillion cubic feet (tcf), about 9.4% above the same week a year ago and 18.6% above the five-year average for the week.
The U.S. Energy Information Administration (EIA) will release its weekly storage report at 12:00 p.m. EDT (1600 GMT) on Wednesday.
The EIA usually releases the storage report on Thursday. This week Thursday is the U.S. Independence Day holiday so the report will be published a day earlier.
There were 102 total degree days (TDDs) last week compared with a 30-year normal of just 80 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 10 analysts, whose estimates ranged from injections of 22 bcf to 35 bcf, with a median increase of 33 bcf.
Early estimates for the week ending July 5 ranged from additions of 46 bcf to 62 bcf, with an average increase of 52 bcf.
That compares with an increase of 57 bcf during the same week last year and a five-year average increase of 57 bcf.
Following is a list of the poll’s participants. All figures are in billions of cubic feet:
Organization Forecasts in (bcf) Snapper Creek 35 Ritterbusch Associates 35 Gelber Associate 34 Price Group 33 Engie Insight 33 C H Guernsey 32 Energy Ventures Analysis 31 StoneX 30 LSEG 25 DTN 22
(Reporting by Anmol Choubey in Bengaluru; editing by Scott DiSavino and David Gregorio)