Natural gas storage increasing, EIA says

The U.S. Energy Information Administration (EIA) reports that U.S. working natural gas inventories will be 3,954 billion cubic feet (Bcf) by the end of October, the most natural gas in U.S. storage since November 2016.

“We forecast less-than-average cumulative injections for the rest of the injection season (through October) because inventories were relatively well supplied in March and because we expect more U.S. consumption of natural gas than average this summer and relatively flat natural gas production,” according to the EIA.

With a slower rate of inventory builds, the difference between U.S. natural gas inventories and their previous five-year average will gradually decrease, from 39% above average in March to 6% above average in October. Injections into storage will be at or near the five-year minimums in every region of the United States for the remainder of the injection season, the EIA reported.

At the end of March 2024, at the time of year when natural gas inventories are often at their lowest, U.S. natural gas inventories were relatively well supplied. Since then, net injections into U.S. working natural gas storage totaled 1,004 Bcf through the end of July, or 17% less than the average from March through July over the previous five years (2019–23).