Posted: Oct. 29th 2018
US Weekly Energy Report – 29 October 2018
Prompt-month natural gas futures on the New York Mercantile Exchange closed on Friday at $3.185 per MMBtu, down $0.065 from the previous week. Average pricing for the balance of 2018 and calendar year 2019 was at $3.233 and $2.809 per MMBtu, respectively.
The Energy Information Administration reported a net injection of 58 Bcf for the week ending October 19, compared to a five-year average increase of 77 Bcf and a year-ago build of 63 Bcf. At 3.095 Bcf, total storage inventories are currently 624 Bcf below the benchmark five-year average and 606 Bcf behind year-ago levels.
Domestic natural gas production increased to 86.5 Bcf per day for the seven-day period ending October 24, up 1.0 Bcf per day from the previous week and 10.5 Bcf per day ahead of the same period last year.
The power generation sector led natural gas demand over the most recent week, averaging 23.9 Bcf per day compared to 23.9 Bcf per day during the same period last year. Total natural gas export volumes were up from the previous week, led by an increase of 0.5 Bcf per day in LNG sendout.
Population-weighted heating degree days were 15.2% above average for the week ending October 26. The latest 6-10 day weather outlook includes above-normal temperatures on the coasts and a mostly-normal solution for the rest of the country.