US Weekly Energy Report – 23 April 2018
Prompt-month natural gas futures on the New York Mercantile Exchange closed on Friday at $2.739 per MMBtu, up $0.004 from the previous week. Average pricing for the balance of 2018 and calendar year 2019 was at $2.824 and $2.732 per MMBtu, respectively.
The Energy Information Administration reported a net withdrawal of 36 Bcf for the week ending April 13, compared to a five-year average injection of 38 Bcf and a year-ago build of 48 Bcf. At 1,299 Bcf, total storage inventories are currently 449 Bcf below the benchmark five-year average and 808 Bcf behind year-ago levels.
Domestic natural gas production decreased to 79.6 Bcf per day for the seven-day period ending April 18, down 0.5 Bcf per day from the previous week, but 7.9 Bcf per day ahead of the same period last year.
The power generation sector led natural gas demand over the most recent week, averaging 24.1 Bcf per day compared to 22.6 Bcf per day during the same period last year. Total natural gas export volumes were down from the previous week, with LNG and Mexican pipeline sendout each down 0.1 Bcf per day.
Population-weighted heating degree days were 25.2% above average for the week ending April 20. The 6-10 day weather outlook includes below-normal temperatures in key gas-consuming regions across the U.S.