POLL-US natgas stockpiles seen down 88 bcf in week ended Feb. 23

Credit: REUTERS/ARATHY SOMASEKHAR

Repeats Wednesday's poll ahead of release of data; no changes

Feb 28 (Reuters) - U.S. utilities likely pulled a smaller-than-usual 88 billion cubic feet (bcf) of natural gas out of storage last week, a Reuters poll showed on Wednesday.

That compares with a withdrawal of 79 bcf during the same week a year ago and a five-year (2019-2023) average decrease of 143 bcf for this time of year.

In the week ended Feb. 16, utilities pulled 60 bcf of gas out of storage. USOILN=ECI

The forecast for the week ended Feb. 23 would cut stockpiles to 2.382 trillion cubic feet (tcf), about 12% above the same week a year ago and about 27% above the five-year average.

The U.S. Energy Information Administration (EIA) will release its weekly storage report at 10:30 a.m. EST (1530 GMT) on Thursday.

There were 149 heating degree days (HDDs) last week compared with a 30-year normal of 168 HDDs for the period, data from financial firm LSEG showed.

HDDs measure the number of degrees a day's average temperature is below 65 degrees Fahrenheit (18 Celsius) to estimate demand to heat homes and businesses.

Reuters polled 16 analysts, whose estimates ranged from withdrawals of 95 bcf to 77 bcf, with a median decrease of 88 bcf.

Early estimates for the week ending March 1 ranged from withdrawals of 27 bcf to 54 bcf, with an average decrease of 34 bcf.

That compares with a withdrawal of 72 bcf during the same week last year and a five-year average decrease of 93 bcf.

Following is a list of the poll's participants. All figures are in billions of cubic feet:

Organization

Forecasts in (bcf)

C H Guernsey

-77

Gelber & Associates

-79

SMC Report

-82

Natural Gas Intelligence

-84

Snapper Creek Energy

-84

Energy Ventures Analysis

-86

S&P Global

-86

Engie Insight

-86

Schneider Electric

-89

Price Futures Group

-90

LSEG

-90

Energy Aspects

-91

StoneX Group

-91

Ritterbusch Associates

-93

Baker & O'Brien

-95

DTN

-95

(Reporting by Rahul Paswan in Bengaluru; Editing by Marguerita Choy)

((RahulKumar.Paswan@thomsonreuters.com ; If within U.S. +1 646 223 8780;;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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