U.S. natural gas inventories show 15 Bcf build

U.S. natural gas inventories saw a smaller than expected build today, according to information from the Department of Energy. The DOE reported natural gas inventories for the week ended March 18, 2016, were up 15 Bcf to 2,493 Bcf. The current level of natural gas in storage is still above average, but prices gained on the news with markets expecting a build of 21 Bcf.

Natural gas inventories

Natural gas prices were down ahead of the DOE’s release today with expectations that robust production and weak seasonal demand would see more natural gas cycled into storage. Storage usually still shows draws at this time of year as demand for heating continues through the end of winter.

Oil prices fell yesterday after the DOE announced a larger than expected crude oil inventory build. Crude oil inventories increased by 9.4 MMBO last week, compared to an average economist estimate of just 2.5 MMBO.

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