More to comeU.S. natural gas futures held gains early Thursday, with the front-month contract still trading near its high for the year despite a government report that showed a weekly inventory build above market expectations. The U.S. Energy Information Administration report showed total domestic gas inventories rose last week by 80 billion cubic feet to 3.576 trillion cubic feet. Traders and analysts polled by Reuters had expected a 76 bcf gain. At 10:32 a.m. EDT (1432 GMT), front-month gas futures on the New York Mercantile Exchange were up 5.6 cents, or nearly 2 percent, at $3.271 per million British thermal units after climbing earlier to a new 2012 high of $3.287. Just prior to release of the weekly storage data at 10:30 a.m., the front month was trading in the $3.265 area.
From the EIA:
Released: September 27, 2012 at 10:30 a.m. (eastern time) for the Week Ending September 21, 2012.
Next Release: October 4, 2012
Working gas in storage was 3,576 Bcf as of Friday, September 21, 2012, according to EIA estimates. This represents a net increase of 80 Bcf from the previous week. Stocks were 296 Bcf higher than last year at this time and 282 Bcf above the 5-year average of 3,294 Bcf. In the East Region, stocks were 75 Bcf above the 5-year average following net injections of 46 Bcf. Stocks in the Producing Region were 159 Bcf above the 5-year average of 994 Bcf after a net injection of 29 Bcf. Stocks in the West Region were 48 Bcf above the 5-year average after a net addition of 5 Bcf. At 3,576 Bcf, total working gas is above the 5-year historical range.
Working gas stocks in the Producing Region, for the week ending September 21, 2012, totaled 1,153 Bcf, with 232 Bcf in salt cavern facilities and 921 Bcf in nonsalt cavern facilities. Working gas stocks increased 15 Bcf in the salt cavern facilities and increased 14 Bcf in the nonsalt cavern facilities since September 14....MORE