US natural gas storage rises – ING

FXStreet Insights Team FXStreet

US natural Gas inventories increased by 75Bcf last week, a touch above expectations but just shy of the five-year norm. With storage still running 6.1% above average and weather outlooks mixed, Henry Hub prices were little changed, ING's commodity experts Ewa Manthey and Warren Patterson note.

US Gas storage build tops forecasts, market shrugs

"In natural Gas, EIA weekly Gas storage data shows that US Gas inventory rose by 75Bcf last week, slightly higher than the average market expectations of a build of around 74Bcf. However, this is marginally below the five-year average addition of 76Bcf for this time of the year. Total Gas stockpiles totalled 3.51Tcf as of 19 September, which is 6.1% above the five-year average."

"The front-month Henry Hub contract traded almost flat this morning, as the weekly storage addition was slightly higher than the average market estimates, while weather forecasts remained mixed for early October."

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