EIA reports 34 bcf increase in underground gas storage

The US Energy Information Administration estimated working gas in underground storage across the Lower 48 at 3.27 tcf as of July 15, a net increase of 34 bcf from the previous week.

Stocks were 471 bcf higher than last year at this time and above both EIA’s 5-year average and the 5-year historical range, the Gas Storage Report said July 21.

Gas futures prices on the New York Mercantile Exchange for August settled at a rounded $2.66/MMbtu on July 20, the lowest since June 24 for the gas contract front-month price.

Some analysts suggest gas storage levels could test physical storage capacity unless summer heat across the nation boosts gas-fired power demand for air conditioning.

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