Producers put 76 Bcf of natural gas into U.S. storage—a little less than market expectations—as the traditional storage season nears an end and prices continue to fall. (Source: Shutterstock)
Producers put 76 Bcf of natural gas into U.S. storage for the week ending Oct. 11, almost in line with market expectations of 78 Bcf, the U.S. Energy Information Administration reported Oct. 17.
The storage season for natural gas is coming to its usual close as fall sets in. Overall, the U.S. has approximately 3.71 Tcf of working gas in storage, 163 Bcf above the EIA’s five-year-average level of about 3.5 Tcf.
The gap between the current level and the five-year average has been shrinking since May, when it set new records.
The Henry Hub front month natural gas futures were flat after the release. The cost stood at $2.37/MMBtu at 11 a.m. CST, with no change from the start of trading.
Natural gas market prices had been in a rally period from the middle of August, with prices hitting $2.90/MMBtu on Sept. 23. Since then, mild weather forecasts and demand destruction due to hurricanes have caused bearish pricing.
Recommended Reading
APA, TotalEnergies Aim for 'New Dawn' in Suriname with Massive GranMorgu Project
2024-10-01 - APA Corp. and TotalEnergies announced a $10.5 billion final investment decision for the GranMorgu project located offshore Suriname in Block 58. First production to come from a 220,000 bbl/d FPSO is slated to flow in 2028.
APA Corp., TotalEnergies Announce $10.5B FID on ‘Goliath’ Sized Deal Offshore Suriname
2024-10-01 - APA and TotalEnergies’ offshore Suriname GranMorgu development is estimated to hold recoverable reserves of more than 750 million barrels.
From Exxon to APA, E&Ps Feel Need to Scratch Exploration Itch
2024-08-27 - Exxon Mobil is looking for its “next Permian,” which an executive said could be in Algeria.
Patterson-UTI Boosts Bottom Line with OFS Acquisitions
2024-08-06 - Less than a year out from the closing of its merger with NexTier and its acquisition of Ulterra Drilling Technologies, Patterson-UTI is taking strides not to be the latest has-been.
With Montney Production Set to Grow, US E&Ps Seize Opportunities
2024-10-02 - Canada’s Montney Shale play has already attracted U.S. companies Ovintiv, Murphy and ConocoPhillips while others, including private equity firms, continue to weigh their options.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.