- Inventories stand at 899 Billion cubic feet (Bcf) -- 48.7% below year-ago and 52.9% below the five-year average.
- This week notes a 24 Bcf net injection into storage.
- Storage injections fell short of expectations of 35 Bcf.
May '14 natural gas opened today at $4.72 1/4 -- 8 3/4 cents above last week's Natgas Report. The contract tested resistance at $4.80 early today but spent the rest of the day chopping generally lower within a seven cent range. The contract ended the day down 3 cents all told at 4.69 1/4.
The average temperature in the continental United States during the report week was 51.7°F -- that's 1.3°F below the same time last year and 1.1°F above the 30-year average temp.
"Henry Hub spot prices fell slightly from $4.66/MMBtu last Wednesday to $4.62/MMBtu yesterday, while other pricing points in the Southeast moved similarly. However, at most other locations around the country, overall price changes were small, with more small net gains than small net losses for the report week," according to EIA.
"Decreases in residential and commercial consumption drove an overall 3.9% decline in U.S. demand. Residential and commercial consumption fell 10.5% as heating demand subsided. Consumption of gas for power generation rose 3.1%, likely the result of increased air-conditioning demand in the parts of the South that experienced summer-like weather over the weekend. Industrial consumption fell by 1.8% and exports to Mexico rose 3.6%," according to EIA.
Indicated text provided by EIA.
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