Prompt-month natural gas futures on the New York Mercantile Exchange closed on Friday at $2.776 per MMBtu, down $0.140 from the previous week. Average pricing for the balance of 2018 and calendar year 2019 was at $2.815 and $2.700 per MMBtu, respectively.
The Energy Information Administration reported a net injection of 63 Bcf for the week ending August 31, compared to a five-year average increase of 65 Bcf and a year-ago build of 60 Bcf. At 2,568 Bcf, total storage inventories are currently 590 Bcf below the benchmark five-year average and 643 Bcf behind year-ago levels.
Domestic natural gas production increased to 82.8 Bcf per day for the seven-day period ending September 5, up 0.1 Bcf per day from the previous week and 11.1 Bcf per day ahead of the same period last year.
The power generation sector led natural gas demand over the most recent week, averaging 34.0 Bcf per day compared to 29.4 Bcf per day during the same period last year. Total natural gas export volumes were up from the previous week, with gains of 0.1 Bcf per day in LNG and Mexican pipeline sendout.
Population-weighted cooling degree days were 23.5% above average for the week ending September 7. The latest 6-10 day outlook includes above-normal temperatures for most of the country, with the strongest anomalies on the East Coast.