The amount of U.S. working gas in storage hit approximately 3.97 Tcf in the first week of November, rising above the five-year historical range, according to the EIA. (Source: Shutterstock)
The amount of U.S. working gas in storage hit approximately 3.97 Tcf in the first week of November, rising above the five-year historical range tracked by the U.S. Energy Information Administration (EIA), the government agency reported Nov. 14.
Hotter-than-average temperatures across the Northeast U.S. drove down demand, East Daley Analytics reported. The amount in storage is 228 Bcf above the five-year average.
U.S. storage levels had been within the five-year range since June, after several producers cut production thanks to low commodity prices.
The price of gas at the Henry Hub has been on an upward trend since October. On Nov. 13, the hub’s front-month future price reached $2.99/MMBtu. After the EIA released the report Nov. 14, prices fell to $2.84/MMBtu by mid-day.
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