The US Energy Information Administration reported today that domestic supplies of natural gas increased by 64 billion cubic feet for the week ended November 11 from 79 bcf in the previous week, slighlty above analysts’ estimates of 63 billion cubic feet. Stockpiles are close to the five-year average of 3.651 tcf for this time of the year. That compares with an increase of 23 bcf in the same week last year and a five-year (2017-2021) average decline of 5 bcf.
Heating demand is set to rise this week due to colder weather, however, Freeport LNG export may not resume operation in November as maintenance work and efforts to secure regulatory approvals are still ongoing, making more gas available for domestic use.
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NATGAS price fell slighlty after EIA report and is testing major support at 6.35. Source: xStation5
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