Prompt-month natural gas futures on the New York Mercantile Exchange closed on Friday at $2.890 per MMBtu, down $0.072 from the previous week. Average pricing for the balance of 2018 and calendar year 2019 was at $2.922 and $2.775 per MMBtu, respectively.
The Energy Information Administration reported a net injection of 92 Bcf for the week ending June 1, compared to a five-year average increase of 104 Bcf and a year-ago build of 103 Bcf. At 1,817 Bcf, total storage inventories are currently 512 Bcf below the benchmark five-year average and 799 Bcf behind year-ago levels.
Domestic natural gas production decreased to 79.5 Bf per day for the seven-day period ending June 6, down 0.6 Bcf per day from the previous week but 7.0 Bcf per day ahead of the same period last year.
The power generation sector led natural gas demand over the most recent week, averaging 29.5 Bcf per day compared to 26.1 Bcf per day during the same period last year. Total natural gas export volumes were down from the previous week, led by a decline of 0.1 Bcf per day in LNG sendout.
Population-weighted cooling degree days were 9.6% above average for the week ending June 8. Widespread heat persists in the 6-10 day weather outlook, with above-normal temperatures forecast for the eastern half of the country.