Continental US kicks off winter with most natural gas in storage since 2020 - EIA
Dec 7 (Reuters) - The continental United States entered the winter heating season with the most natural gas in storage since 2020, the U.S. Energy Information Administration (EIA) said on Thursday.
The winter heating season runs from Nov. 1–March 30.
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Working natural gas in storage in the Lower 48 U.S. states ended the natural gas injection season at 3,776 billion cubic feet (Bcf), according to estimates based on the EIA's weekly natural gas storage report released on Nov. 16.
"In addition, we now have 5% more natural gas in U.S. inventories entering the winter heating season than the previous five-year (2018–22) average, and 7% more than last October 31." the EIA said.
EIA said the large volume of gas in storage is partly the result of a mild 2022–23 heating season.
The agency added that net additions to working U.S. natural gas inventories totaled 1,953 Bcf during the injection season, about 5% less than the five-year average and 9% less than in 2022.
U.S. natural gas futures eased about 1% on Thursday to a three-month low, pressured by a drop in oil prices, near-record U.S. gas output and forecasts for mostly mild weather through late December that should dent heating demand.
(Reporting by Anjana Anil in Bengaluru; editing by Jonathan Oatis)