The U.S. Energy Information Administration (EIA) said utilities added 81 billion cubic feet to storage during the week ended Oct. 12, mostly in line with expectations. The build during the week ended Oct. 12 boosted stocks to 3.037 trillion cubic feet, leaving inventories 16.6 percent below the five-year average of 3.642 tcf for this time of year and the lowest for the week since 2003.
Traders noted prices remained within a few cents of the eight-month high hit last week as the amount of gas in storage remains at a vast deficit to normal levels for this time of year.
Demand in the Lower 48 states for the forthcoming week was forecast at 85.7 billion cubic feet per day (bcfd), higher than the 83.6 bcfd forecast for the current week and 82.6 bcfd for the prior week, according to data.
Production in the Lower 48 U.S. states averaged a record-high 85.7 bcfd over the past 30 days. Output rose to 85.7 bcfd on Monday and Tuesday, 85.8 on Wednesday, and to 86.1 on Thursday from a low of 85.0 bcfd last week after drillers shut some offshore production in the Gulf of Mexico ahead of Hurricane Michael.
