U.S. natural gas inventories likely posted a smaller-than-usual increase last week, further shrinking the storage surplus over the five-year average, according to a Wall Street Journal survey of analysts.
Net injections into underground storage facilities are seen at 79 billion cubic feet for the week ended Oct. 2, putting inventories at 3,494 Bcf, according to the average estimate of 12 analysts, brokers and traders. Forecasts range from a build of 48 Bcf to an increase of 91 Bcf.
The expected storage injection is smaller than the 96 Bcf average for the week during the 2021-2025 period, and would reduce the surplus from the five-year average to 62 Bcf from 79 Bcf the week before. It would leave stocks 136 Bcf below their year-earlier level.
The U.S. Energy Information Administration is scheduled to report natural gas inventories on Thursday at 10:30 a.m. EDT.