US Weekly Energy Report – 18 June 2018
Prompt-month natural gas futures on the New York Mercantile Exchange closed on Friday at $3.022 per MMBtu, up $0.132 from the previous week. Average pricing for the balance of 2018 and calendar year 2019 was at $3.007 and $2.832 per MMBtu, respectively.
The Energy Information Administration reported a net injection of 96 Bcf for the week ending June 8, compared to a five-year average increase of 91 Bcf and a year-ago build of 82 Bcf. At 1,913 Bcf, total storage inventories are currently 507 Bcf below the benchmark five-year average and 785 Bcf behind year-ago levels.
Domestic natural gas production increased to 79.8 Bcf per day for the seven-day period ending June 13, up 0.2 Bcf per day from the previous week and 7.5 Bcf per day ahead of the same period last year.
The power generation sector led natural gas demand over the most recent week, averaging 29.6 Bcf per day compared to 28.0 Bcf per day during the same period last year. Total natural gas export volumes were up from the previous week, led by gains of 0.2 Bcf per day in LNG sendout.
Population-weighted cooling degree days were 8.2% above average for the week ending June 15. The 6-10 day weather outlook includes above-normal temperatures in the eastern and western U.S., but moderate in the middle of the country.