EIA: US natural gas storage builds

The Energy Information Administration estimated US natural gas in underground storage across the Lower 48 at 3.836 tcf as of Oct. 14, marking a net increase of 77 bcf from the previous week.

The Gas Storage Report said stocks were 46 bcf higher than last year at this time and 185 bcf above the 5-year average of 3.651 tcf.

Earlier this month, natural gas prices on the New York Mercantile Exchange traded at the highest level in 22 months. Gas futures prices have fallen modestly since then on weather forecasts calling for mild winter but gas futures still remain above $3/MMbtu.

NYMEX gas prices closed at $3.17/MMbtu on Oct. 19 after reaching $3.26/MMbtu on Oct. 10, which marked the highest front-month level since gas futures traded at $3.46/MMbtu in December 2014.

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