Warmer weather across the country is ushering in spring-like conditions and inventories of natural gas are again building. This year’s turn came earlier than last year’s, with stocks in underground storage rising 25 billion cubic feet (Bcf) in the first week of April. The second week brought an additional 75 Bcf, raising national inventories to 1,930 Bcf at the start of the traditional stocks-building period that typically runs through early fall.
Last year in early April, inventory numbers were declining, though, reaching five-year lows. Natural gas inventories were at 1,395 Bcf by Apr. 7, 2022, or down nearly 500 Bcf from current levels. Up 33 percent YOY and up 20 percent from the five-year average, there is no question that stocks will march higher over the next six months, but the bigger question is by how much given the competition from LNG exports.
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