Posted: Oct. 19th 2018
US Weekly Energy Report – 15 October 2018
Prompt-month natural gas futures on the New York Mercantile Exchange closed on Friday at $3.242 per MMBtu, up $0.099 from the previous week. Average pricing for the balance of 2018 and calendar year 2019 was at $3.314 and $2.875 per MMBtu, respectively.
The Energy Information Administration reported a net injection of 90 Bcf for the week ending October 5, compared to a five-year average increase of 90 Bcf and a year-ago build of 81 Bcf. At 2,956 Bcf, total storage inventories are currently 607 Bcf below the benchmark five-year average and 627 Bcf behind year-ago levels.
Domestic natural gas production increased to 85.8 Bcf per day for the seven-day period ending October 10, up 0.2 Bcf per day from the previous week and 11.3 Bcf per day ahead of the same period last year.
The power generation sector led natural gas demand over the most recent week, averaging 30.9 Bcf per day compared to 28.6 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 0.2 Bcf per day in LNG sendout.
Population-weighted cooling degree days were 34.6% above average for the week ending October 12. The latest 6-10 day outlook includes below-normal temperatures for key U.S. population centers in the Northeast and Midwest.