NewswireToday - /newswire/ -
Washington, DC, United States, 2011/10/05 - The US Energy Information Administration (EIA) is expected Thursday to report a net injection into natural gas storage of between 96 billion cubic feet (Bcf ) and 100 Bcf for the week ending September 30, according to a Platts survey of analysts. NYSE: MHP; NYSE: MHFI
A build within that range would be larger than the 84-Bcf injection in the same week in 2010 and greater than the five-year-average addition of 74 Bcf, according to EIA data. As a result, the 91-Bcf deficit to a year ago will likely shrink, while the 5-Bcf surplus to the five-year average will likely expand.
The wider range of analyst estimates for the week that ended September 30 spanned from a build of 93 Bcf to 100 Bcf. EIA estimated a 111-Bcf injection into storage for the week that ended September 23, which lifted overall stocks to 3.312 trillion cubic feet.
"The report week likely witnessed similar production levels as the week prior, providing room for another robust injection in the producing region," said Eric Bickel, a commodity analyst with Schneider Electric subsidiary Summit Energy.
Jonathan Arfa, an analyst with Gelber & Associates said the United States could set a new storage record before the end of the month.
"Daytime highs rose last week across the country," Arfa said. "Nights were cooler in the Midwest and South, but a good deal warmer in the Northeast. On net, gas demand was higher this week, but injections should continue to be unseasonably high in the near future."
This analyst survey is conducted by Platts’ editorial team in Washington, DC and is published every Wednesday morning, one day ahead of the 10:30 am. (ET) Thursday release of the weekly natural gas storage report of the US Energy Information Administration. Platts has been conducting this survey since January 2007. The survey includes 15 to 25 analysts, some on a rotational basis.
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