WASHINGTON, 27th May, 2016 (WAM) — The U.S. Energy Information Administration (EIA) said natural-gas stockpiles grew by 71 billion cubic feet last week, compared to the 68 bcf expected by 18 forecasters surveyed by The Wall Street Journal.
The report is a widely watched measure of supply and demand. A larger-than-expected addition to storage likely indicates larger supply or smaller demand than expected, and losses mounted after the data’s release.
The EIA reported that U.S. working stocks of natural gas totaled about 2.825 trillion cubic feet, around 769 billion cubic feet above the five-year average of 2.056 trillion cubic feet and 756 billion cubic feet above last year’s total for the same period. Working gas in storage totaled 2.069 trillion cubic feet for the same period a year ago.