- US natural gas inventories increased by 33 billion cubic feet (bcf) in the latest EIA report, compared with a market expectation of 30 bcf and a previous build of 28 bcf.
- On a year-over-year basis, inventories were 12 bcf lower. At the same time, storage levels remained 195 bcf above the five-year average of 2,922 bcf, while total working gas stayed within the historical five-year range.
- Looking ahead, weakening cooling demand and an expected increase in natural gas supply from the Permian Basin point to softer market fundamentals toward the end of the summer.
- On the other hand, the next five days could bring the final significant nationwide boost in cooling-related natural gas demand this season as hot weather persists.
NATGAS chart (D1 timeframe)
Source: xStation5
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