US natural gas storage hits 1432Bcf in 7 days

2018-05-12 02:18:15

(MENAFN) Last week, US natural gas stockpiles showed an increase according to data released by Energy Information Administration (EIA).

Natural gas inventories hit 1432 billion cubic feet (Bcf) for the week ended 4 May, reporting a net increase of 89 Bcf from the figure for the previous week.

However, stockpiles fell to 863 Bcf less than last year's figure, while they were 520 Bcf below the five-year average of 1,952 Bcf, the EIA data estimated.

"At 1,432 Bcf, total working gas is within the five-year historical range," according to the EIA report.

"Some natural gas storage operators have reported net withdrawals from base gas, beginning with the week ending 6 April 2018," the report said.

The cumulative net withdrawals of base gas were treated as negative working gas stocks and are reflected in the working gas inventories, the report further added.

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