Informist, Friday, Jul 26, 2024

MUMBAI – Natural gas stocks in the US rose 22 bcf in the week ended Jul 19, according to data from the US Energy Information Administration. The gas inventory was 16.4% 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 19 at 3.23 trln cu ft, 8.4% higher than 2.98 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 22 bcf last week compared with 23 bcf injections in the same week last year. The working natural gas stocks were 456 bcf, 16% higher than the five-year average.

The average rate of injections into storage is 15% lower than the five-year average so far in the refill season (Apr-Oct). "If the rate of injections into storage matched the five-year average of 9 bcf per day for the remainder of the refill season, the total inventory would be 4.17 trln cu ft on Oct 31, which is 456 bcf higher than the five-year average of 3.71 trln cu ft for that time of year," the report said.

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 rose by 3 to 103 rigs for the week to Jul 6, energy services firm Baker Hughes said in a weekly report.

Total consumption of natural gas in the US fell by 4.3 bcf to 74.1 bcf from the previous week, according to data from S&P Global Commodity Insights.

A total of 21 liquefied natural gas vessels, with a combined carrying capacity of 79 bcf, departed the US between Jul 18 and Jul 24, according to shipping data provided by Bloomberg Finance LP.

The average natural gas deliveries to US LNG export terminals rose 0.4 bcf last week to 11.5 bcf per day. The most active September contract of natural gas on the New York Mercantile Exchange was at $2.09 per mBtu, up 0.3% from the previous close. End

US$1 = 83.72 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Sandeep Sinha

Edited by Deepshikha Bhardwaj

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