Natural Gas
US natural gas stocks rise 10 bcf in week ended Jul 12
This story was originally published at 13:58 IST on 19 July 2024
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MUMBAI – Natural gas stocks in the US rose 10 bcf in the week ended Jul 12, according to data from the US Energy Information Administration. The gas inventory was 16.9% higher than the five-year average for this time of the year, the agency said in its weekly report.
The department pegged total gas in underground storage as of Jul 12 at 3.21 trln cu ft, 8.4% higher than 2.96 trln cu ft a year ago. The total working gas remained above the five-year historical range, according to the report.
The net gas injections into storage totalled 10 bcf last week compared with 43 bcf injections in the same week last year. The working natural gas stocks were 465 bcf, 17% higher than the five-year average.
The east, midwest, and mountain regions of the US saw a rise in stocks, while the Pacific region's inventory remained unchanged. The south-central region, which includes salt and non-salt regions, witnessed a fall in inventory, the release said.
Meanwhile, the number of rigs drilling natural gas in the US fell by 1 to 100 rigs for the week to Jul 9, energy services firm Baker Hughes said in a weekly report.
A total of 20 liquefied natural gas vessels, with a combined carrying capacity of 75 bcf, departed the US between Jul 11 and Jul 17, according to shipping data provided by Bloomberg Finance LP.
The average natural gas deliveries to US LNG export terminals fell 0.8 bcf last week to 11.1 bcf per day. The most-active August contract of natural gas on the New York Mercantile Exchange was at $2.10 per mBtu, up 0.1% from the previous close. End
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Reported by Sandeep Sinha
Edited by Namrata Rao
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