Country’s natural gas inventory deficit has almost been completely wiped out.
The Energy Information Administration (EIA) reported that storage operators injected 111 billion cubic feet of natural gas into storage in the week ending Sept. 23. That was above estimates that were calling for an injection between 99 bcf and 104 bcf, and well above last year’s build of 74 bcf and the five-year average of 71 bcf.
These injections into storage are part of the yearly cycle of natural gas supply and demand. Insufficient natural gas going into storage now can mean shortages in the future during peak demand in the winter.
After last week’s injection, the inventory deficit against last year and the five-year average fell to 102 bcf and 29 bcf, respectively.
After the report, natural gas prices fell as low as $3.69/mmbtu, but then subsequently rebounded to last trade near $3.80.
The weather last week was relatively mild. Cooling degree days came in at 30, below last week’s 45, as well as last year’s 44 CDDs in the same period.
Overall, 75,116 GWh of electricity was generated last week, down 3.7 percent week-over-week and down 6.5 percent year-over-year, according to the Edison Electric Institute.