Government data showed inventories rose by 87 billion cubic feet for the week ending October 6th, to 3.595 trillion, matching the average change for the time of year. Estimates had ranged from 44 to 91 Bcf. Gas inventories continue to trail historical averages.
Natural gas price rebounded from last week’s decline after forecasters see cooler temperatures towards the end of October and the odds of La Nina, a weather pattern that can bring frigid conditions to the northern tier of the country.
EIA Natural Gas Storage Data:
- Total (10/06/17): 3,595 Bcf
- Total (09/29/17): 3,508 Bcf
- Net change: 87 Bcf
- Implied flow: 87 Bcf
- Year ago stocks: 3,748 Bcf
- % change from year ago: -4.1 %
- 5-year avg stocks: 3,603 Bcf
- % change from 5-year avg: -0.2 %