- Natural gas inventory in the US rose by 59 bcf in the week ended April 10
- Inventory stood at 1.97 tcf, 6.8% higher than last year and above five-year average
- Warmer US weather reduced demand for heating and cooling, lowering gas consumption
Natural gas inventory in the US rose by 59 billion cubic feet in the week ended April 10, according to data from the US Energy Information Administration. The inventory was 5.8% higher than the five-year average for this time of the year, the agency said in its weekly report.
The agency pegged the total gas in underground storage at 1.97 trillion cubic feet as of April 10, 6.8% higher than 1.84 trillion cubic feet a year ago. The stocks were 126 billion cubic feet more than the five-year average of 1.86 trillion cubic feet, according to the report.
Total working gas remained within the five-year historical range. The East, Midwest, Pacific, Mountain, and the Salt and Non-Salt south-central regions recorded a rise in stocks, according to the release.
The weather was warmer across the US this past week, with above-average temperatures reported nationwide. Relatively comfortable conditions in mid-April reduce natural gas demand for heating and cooling, with most states reporting temperatures between 4.4 and 23.8 degrees Celsius.
Total US demand for natural gas fell by 6.8 billion cubic feet per day because of a reduction in demand from the residential and commercial sectors, according to data from LSEG. The average demand decreased more than supply, contributing to lower spot natural gas prices, the report said.
The Henry Hub spot price fell 5 cents from $2.80/MMBtu on April 8 to $2.75/MMBtu on April 15. The most active May contract of natural gas on the New York Mercantile Exchange was at $2.67 MMBtu, down 0.7% from Thursday's close.
A total of 35 liquefied natural gas vessels, with a combined carrying capacity of 133 billion cubic feet, departed the US for the week ending April 15, according to Vortexa Analytics tanker tracker.
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