Natural gas inventories rose by 111 bcf last week, as expected.
Natural gas was last trading fractionally lower at $2.88/mmbtu after the Energy Information Administration reported that operators injected 111 billion cubic feet into storage last week, within analyst estimates that ranged from 111 to 113 bcf.
The latest injection was above last year’s build of 107 bcf and above the five-year average build of 90 bcf.
In turn, inventories now stand at 2,344 bcf, which is 738 bcf above the year-ago level, and 36 bcf above the five-year average (calculated using a slightly different methodology than the EIA).
