EIA Natural Gas Storage Build Falls Short of Expectations

The U.S. Energy Information Administration (EIA) reported a natural gas storage injection of 15 billion cubic feet for the week ending August 21, falling short of market expectations of a 19 Bcf build.

This compares with the previous week's injection of 18 Bcf and a five-year average build of 33 Bcf for this time of year. Analysts had anticipated a larger build due to moderate temperatures and steady production, but the actual figure suggests tighter supply conditions than expected.

The reported storage increase brings working gas in storage to 2,889 Bcf as of August 21, which is 17.6% higher than the same period last year and 8.2% above the five-year average.