US Natural Gas Stocks Rise Less than Expected

US energy firms injected 101 billion cubic feet of natural gas into storage to 2.29 trillion cubic feet on the week that ended May 15th, slightly above market expectations of a 95 bcf build. The elevated sharp build took place despite strong demand for US liquified natural gas from consumers in Europe and Asia, as the US and Iran conflict blockaded LNG tankers from leaving the Persian Gulf with cargoes. Stocks were 1.4% above comparable periods of the previous year, and 6.6% above the current five-year average.

US energy firms injected a near-normal 85 billion cubic feet of natural gas into storage in the week ended May 8, in line with expectations. This compares with a 109 billion cubic foot build during the same week a year earlier and a five-year average increase of 84 billion cubic feet for the period between 2021 and 2025. Following the latest increase, total stockpiles rose to 2.290 trillion cubic feet, around 2.3% higher than the same week last year and 6.5% above the five-year seasonal average. In the previous week ending May 1, inventories had risen by 63 billion cubic feet.

US energy firms injected 63 billion cubic feet of natural gas into storage in the week ended May 1, below market expectations of 74 bcf. This compares with a 104 bcf build in the same week last year and a five-year average increase of 77 bcf. Total inventories rose to 2.205 trillion cubic feet, standing about 3.5% above year-ago levels and 6.7% above the seasonal average. In the previous week, ending April 24, storage levels increased by 79 bcf.