U.S. natural gas inventories likely increased by less than usual last week with late-summer heat across large parts of the U.S. keeping up strong power-sector demand for air-conditioning use.
Natural gas in underground storage facilities is expected to have risen by 28 billion cubic feet to 3,242 Bcf in the week ended Sept. 4, according to the average estimate of 12 analysts, brokers and traders surveyed by The Wall Street Journal. Forecasts range from an injection of 17 Bcf to and injection of 34 Bcf.
The expected increase is smaller than the five-year average injection for the week of 52 Bcf, and would shrink the surplus over the 2021-2025 average to 136 Bcf from 160 Bcf the week before. It would put inventories 91 Bcf below their year-earlier level.
The U.S. Energy Information Administration is scheduled to release its natural gas storage report on Thursday at 10:30 a.m. EDT.