U.S. natural gas production relatively flat for the next 2 years
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Bentek estimates that the average daily natural gas supply for this report week increased modestly by 0.4 percent over the previous week’s daily average. Dry natural gas production increased by 0.6 percent above the previous week and sufficiently offset the decrease of natural gas imports, which fell by 3 percent over the same period.
Storage
Working natural gas in storage decreased to 2,527 Bcf as of Friday, February 8, according to EIA's WNGSR. This represents an implied net withdrawal of 157 Bcf from the previous week. This week's net withdrawal was 3 Bcf larger than the 5-year average net withdrawal of 154 Bcf, and 44 Bcf larger than last year's average net withdrawal of 113 Bcf. Inventories are currently 270 Bcf (9.7 percent) less than last year at this time and 348 Bcf (16.0 percent) greater than the 5-year average of 2,179 Bcf.
All three storage regions posted declines this week. Inventories in the East, West, and Producing regions decreased by 116 Bcf (the 5-year average net withdrawal is 92 Bcf), 8 Bcf (the 5-year average net withdrawal is 18 Bcf), and 33 Bcf (the 5-year average net withdrawal is 44 Bcf), respectively. In the Producing region, working natural gas inventories decreased 6 Bcf (2.5 percent) in salt cavern facilities and decreased 27 Bcf (3.6 percent) in nonsalt cavern facilities.
Temperatures during the storage report week were 0.1 degrees cooler than the 30-year normal temperature and 8.3 degrees cooler than the same period last year. Temperatures in the Lower 48 states averaged 34.4 degrees, compared to 42.7 degrees last year and the 30-year normal of 34.6 degrees. While overall temperatures were close to normal, temperatures varied somewhat across Census divisions. The East North Central Census division in the Midwest and the Middle Atlantic Census division in the Northeast were relatively cool, averaging 4.0 and 3.4 degrees cooler, respectively, than the 30-year normal. The West South Central division in the South and the Mountain Census division in the West were relatively warm, averaging 7.3 and 4.7 degrees warmer, respectively, than the 30-year normal. Heating degree-days nationwide were 0.5 percent above normal and 35.2 percent above last year.
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