Prompt-month natural gas futures on the New York Mercantile Exchange closed on Friday at $2.767 per MMBtu, down $0.009 from the previous week. Average pricing for the balance of 2018 and calendar year 2019 was at $2.787 and $2.694 per MMBtu, respectively.
The Energy Information Administration reported a net injection of 69 Bcf for the week ending September 7, compared to a five-year average increase of 74 Bcf and a year-ago build of 87 Bcf. At 2,637 Bcf, total storage inventories are currently 595 Bcf below the benchmark five-year average and 661 Bcf behind year-ago levels.
Domestic natural gas production increased to 83.2 Bcf per day for the seven-day period ending September 12, up 0.3 Bcf per day from the previous week and 10.3 Bcf per day ahead of the same period last year.
The power generation sector led natural gas demand over the most recent week, averaging 31.2 Bcf per day compared to 25.7 Bcf per day during the same period last year. Total natural gas export volumes were down from the previous week, led by declines of 0.3 Bcf per day in Mexican pipeline sendout.
Population-weighted cooling degree days were 4.0% above average for the week ending September 14. The latest 6-10 day outlook includes above-normal temperatures for most of the country, with the strongest anomalies on the Southeast U.S.