22 October 2009 17:53 [Source: ICIS news]
HOUSTON (ICIS news)--The US Energy Information Administration (EIA) reported on Thursday that domestic natural gas storage increased by 18bn cubic feet (bcf) last week, well below the five-year average for this time of year but enough to bring cumulative inventories within 4% of projected total underground capacity.
Total gas storage for the week of 16 October was 169 bcf higher than the previous record-high fill of 3,565 bcf that the EIA recorded at the end of October 2007.
Last week's swath of cold weather that blew through the US northeast pared analysts' outlooks for storage builds to an average of about 19 bcf, compared with the five-year average of 52 bcf.
The flat injection number compared with industry ideas kept NYMEX futures prices relatively neutral. November contracts had been trading in positive territory, but turned downward by around 6 cents at $5.038/MMBtu.
December contracts were down by about 10 cents at $5.690/MMBtu.
US natural gas futures have gained strength since the start of the month, with traders looking forward to increased winter heating demand. Futures broke the $5 mark on 20 October for the first time since January.
Natural gas futures are a bellwether for chemical commodity prices because of their wide use as a feedstock and power supply.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections