The US Energy Information Administration today reported the US natural gas stocks rose by a total of 47 billion cubic feet, just slightly above the 45 billion cubic feet increase that analysts had expected. Natural gas prices were 3.24% higher at $2.135/thousand cubic feet before the EIA released its report, and should not drop much.
The EIA reported that US working stocks of natural gas totaled 2.55 trillion cubic feet, about 908 billion cubic feet higher than the five-year average of 1.64 trillion cubic feet. Working gas in storage totaled 1.68 trillion cubic feet for the same period a year ago.
Natural gas prices have gotten a boost this week from a cool snap in the US Northeast, which has raised prices back above $2/thousand cubic feet.
US natural gas stocks are about 53% higher than they were a year ago and about 56% higher than the 5-year average.