US Natural Gas Storage Injection Expected to Reach 35 Bcf

Natural gas storage in the Lower 48 states is expected to increase by 35 Bcf, according to NGI's estimates. This would be a 3 Bcf increase from last week and would put the year-over-year deficit at 25 Bcf.

The EIA Weekly Natural Gas Storage Report for the week ended July 24 is set to show an injection of 35 Bcf, which is 9 Bcf lower than the year-ago injection. However, it's also 9 Bcf higher than the previous five-year average, pushing that surplus to a robust 192 Bcf.

Deliveries to Lower 48 gas-fired plants averaged 49.6 Bcf/d last week, down 2.2 Bcf/d from the week before. This decline in demand was due in part to a decrease in cooling degree days across the continental United States.