US Natural Gas Stocks Rise More than Expected

US energy firms injected 103 billion cubic feet of natural gas into storage for the week ended April 17, exceeding expectations of 94 bcf. The build was also higher than the 77 bcf added during the same week last year and well above the five year average increase of 64 bcf. Total stockpiles rose to 2.063 trillion cubic feet, leaving inventories about 7.4% above year ago levels and roughly 7.1% above the five year average. The latest increase follows a smaller 59 bcf injection in the previous week, highlighting continued strong inventory builds as the market moves through the spring refill season.

US utilities and energy companies added 50 billion cubic feed of natural gas to storages to 1.911 trillion cubic feet on the week that ended April 3rd, loosely in line with the median market consensus of a 46 bcf increase, and consolidating the start of the building season. The increase was in line with the surging domestic production levels from recent quarters, buffering US gas prices and consumption from the ongoing global LNG shock as Iranian attacks on Qatari gas facilities and threats to LNG tankers in the Persian Gulf hampered global flows. US stocks were 4.9% above the corresponding period of the previous year, and 4.8% above the current five-year average.

US energy firms withdrew 54 billion cubic feet of natural gas from storage in the week ended March 20, exceeding expectations for a 44 bcf draw. This compares with a 33 bcf injection during the same period last year and an average decline of 21 bcf over the past five years. Total stockpiles fell to 1.829 trillion cubic feet, standing about 5.2% above year-ago levels and roughly 0.8% above the five-year average. In the previous week, utilities had added 35 bcf to storage.