Data from the US Energy Information Administration (EIA) showed that the US working natural gas volumes in underground storage rose to more than the five-year average. The volumes increased 34 Bcf to 3.729 Tcf for the week ended November 1.
Stocks were 530 Bcf (16.6%) higher than 3.199 Tcf a year ago and 29 Bcf (0.8%) higher than the five-year average of 3.7 Tcf. The increase was less than 63 Bcf addition reported in the same week in 2018, the five-year average increment of 57 Bcf.
Following the data, gas futures at NYMEX rose 3 cents to $2.86/MMBtu. Gas supply was steady, while demand increased on colder temperature. Total supplies rose by 0.5 Bcfd week-on-week to an average of 96.5 Bcfd. Meanwhile, downstream demand breached a level above 100 Bcf due to a spike in heating demand, especially in the Midwest region, where the temperature fell below the freezing point.
