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
Shell Raises Shareholder Distributions and LNG Sales Target, Trims Spending
2025-03-25 - Shell trimmed its annual investment budget to a $20 billion to $22 billion range through 2028 after spending $21.1 billion last year.
Exxon Slips After Flagging Weak 4Q Earnings on Refining Squeeze
2025-01-08 - Exxon Mobil shares fell nearly 2% in early trading on Jan. 8 after the top U.S. oil producer warned of a decline in refining profits in the fourth quarter and weak returns across its operations.
Venture Global Targets $110B in Massive IPO
2025-01-13 - Venture Global is expected to pitch its IPO to investors by Jan. 17 to rival the largest energy IPOs on record.
Artificial Lift Firm Flowco’s Stock Surges 23% in First-Day Trading
2025-01-22 - Shares for artificial lift specialist Flowco Holdings spiked 23% in their first day of trading. Flowco CEO Joe Bob Edwards told Hart Energy that the durability of artificial lift and production optimization stands out in the OFS space.
Murphy Shares Drop on 4Q Miss, but ’25 Plans Show Promise
2025-02-02 - Murphy Oil’s fourth-quarter 2024 output missed analysts’ expectations, but analysts see upside with a robust Eagle Ford Shale drilling program and the international E&P’s discovery offshore Vietnam.
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.