Commodities Buzz: EIA Natural Gas Inventories Down 27% Over Year

The US Energy Information Administration (EIA) reported Thursday that US natural gas stocks increased by 91 billion cubic feet for the week ending June 15. The five-year average for the week is an injection of 83 billion cubic feet, and last years storage increase for the week totaled 63 billion cubic feet. Natural gas inventories rose by 96 billion cubic feet in the week ending June 1. Demand outlook is modest as the summer is likely to cap heating demand.
Total US stockpiles of natural gas rose week over week to 27.4% below last years level and are now 19.9% below the five-year average. The EIA reported that U.S. working stocks of natural gas totaled about 2.004 trillion cubic feet at the end of last week, around 499 billion cubic feet below the five-year average of 2.503 trillion cubic feet and 757 billion cubic feet below last years total for the same period. Working gas in storage totaled 2.761 trillion cubic feet for the same period a year ago