The year-over-year natural gas inventory surplus fell another 30 bcf last week.
Natural gas prices were trading slightly to the upside after the Energy Information Administration reported that operators injected 20 billion cubic feet into storage last week, at the low end of analyst estimates that were calling for a build between 20 and 26.
The injection was notably below last year’s build of 50 bcf and the five-year average build of 44 bcf.
In turn, the inventory surplus continued to decline. At 3261 billion cubic feet, natural gas inventories are now 428 bcf and 373 bcf above the year-ago and five-year average levels, respectively (calculated using a slightly different methodology than the EIA).