The US Energy Information Administration estimated working gas in underground storage across the Lower 48 at 3.27 tcf as of July 15, a net increase of 34 bcf from the previous week.
Stocks were 471 bcf higher than last year at this time and above both EIA’s 5-year average and the 5-year historical range, the Gas Storage Report said July 21.
Gas futures prices on the New York Mercantile Exchange for August settled at a rounded $2.66/MMbtu on July 20, the lowest since June 24 for the gas contract front-month price.
Some analysts suggest gas storage levels could test physical storage capacity unless summer heat across the nation boosts gas-fired power demand for air conditioning.