The annual gas inventory build is well behind schedule, as stocks are currently significantly outside the five year average.

There are currently 2,956 Bcf of natural gas in storage in the U.S., according to EIA data released yesterday. This is:

17.5% below the 3,583 Bcf that was in storage at this point last year, and
17.0% below the five-year average of 3,563 Bcf.

The lowest storage at this time of year over the past five years was 3,232 Bcf, so this year is well outside the norm.

Source: EIA

Unlike oil inventories, gas inventories follow a relatively predictable pattern each year, with minimal deviation. Inventories build through much of the spring, summer and fall, then draw down sharply from late fall to early spring...

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