Working natural gas stocks in the Lower 48 states totaled 2,471 billion cubic feet (Bcf) for the week ending July 5, 2019, 142 Bcf lower than the previous five-year average, according to the Weekly Natural Gas Storage Report (WNGSR) released this week.
The working gas deficit to the five-year average has posted declines in each successive week since March 15, 2019, when it was 556 Bcf. Relatively mild temperatures during most of this period in addition to continued strength in natural gas production account for the rapid improvement in the natural gas storage balance.
This week’s report marked the smallest deficit to the five-year average since December 2017. Working gas stocks have operated at a deficit to the five-year average since the fall of 2017, reaching 725 Bcf—the largest deficit since 2010, the beginning of the WNGSR data history.
Lower 48 working gas deficit to the five-year average (September 29, 2017- present)