Injection slightly below expectations – The EIA reported a natural gas injection of 3 bcf, slightly below market expectations (as per Bloomberg) of 8 bcf and the five-year average of 10 bcf. For the comparable week last year, the EIA reported an injection of 20 bcf.
Storage levels set record highs – Total storage now sits at 3,843 bcf, or 0.3% above last year’s record high for the comparable week of 3,831 bcf, and 9.3% above the five-year average of 3,516 bcf.
Cooler outlook ahead – Over the past week, the U.S. reported gas-home heating degree days of 108, ~4% below the five-year average of 112, but ~17% above last year’s level of 92. Cooler weather is expected across much of the U.S. which should be good for near-term natural gas demand.