US Weekly Energy Report – 16 April 2018
Prompt-month natural gas futures on the New York Mercantile Exchange closed on Friday at $2.735 per MMBtu, up $0.034 form the previous week. Average pricing for the balance of 2018 and calendar year 2019 was at $2.829 and $2.793 per MMBtu, respectively.
The Energy Information Administration reported a net withdrawal of 19 Bcf for the week ending April 6, compared to a five-year average injection of 9 Bcf and a year-ago build of 9 Bcf. At 1,335 Bcf, total storage inventories are currently 375 Bcf below the benchmark five-year average and 725 Bcf behind year-ago levels.
Domestic natural gas production increased to 80.1 Bcf per day for the seven-day period ending April 11, up 0.2 Bcf per day from the previous week and 8.1 Bcf per day ahead of the same period last year.
The residential & commercial sector led natural gas demand over the most recent week, averaging 28.8 Bcf per day compared to 17.3 Bcf per day during the same period last year. Total natural gas export volumes were up from the previous week, led by gains of 0.6 Bcf per day in Mexican pipeline sendout.
Population-weighted heating degree days were 18.8% above average for the week ending April 14. The 6-10 day weather outlook includes below-normal temperatures across the eastern two-thirds of the country.