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04 May 2012 10:45:48
US natural gas underground storage estimates grew by 28 billion cubic feet (bcf) or 800 million cubic metres for the last week of April, although a slowdown in production could mean that demand from coal displacement is incrementally steeper than expected.
The US Energy Information Administration (EIA) report for the week ended 27 April shows a total working gas level of 2.58 trillion cubic feet (tcf). While builds were reported in the east and west regions, a slight drop of 1bcf was noted for the producing region for the first time in five consecutive weeks.
The 27 April storage figure matched analyst expectations for the week and provided support for the Henry Hub futures trading on the NYMEX.
Power demand for the grid has moved slightly higher that week, according to analyst Stephen Schork of the Schork Report, adding support to the idea that gas-fired generation is on the rise.
Total inventory figures remain 48% above year-ago levels, given the warm winter that did not cause a drawdown of stockpiles as seasonally expected.
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