
March 4 (Reuters) - U.S. energy firms likely pulled an above-normal 121 billion cubic feet of natural gas from storage last week, according to the average estimate in a Reuters poll released on Wednesday.
That figure compares with an injection of 30 bcf during the same week a year ago and a five-year average decline of four bcf for this time of year.
In the prior week ended February 20, utilities pulled 52 bcf of gas from storage. USOILN=ECI
If correct, the forecast for the week ended February 27 would decrease stockpiles to 1.897 trillion cubic feet. That level would be about 7.2% above the same week a year ago and about 4.7% above the five-year (2021-2025) average for the week.
The U.S. Energy Information Administration is scheduled to release its weekly storage report at 10:30 a.m. EST (1530 GMT) on Thursday.
There were about 139 heating degree days (HDDs) last week, in line with a 30-year normal of 139 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 degrees Celsius) to estimate demand to heat homes and businesses.
Reuters polled 12 analysts, whose estimates ranged from withdrawals of 50 bcf to 133 bcf, with a median decrease of 121 bcf.
Early estimates for the week ending March 6 ranged from a withdrawal of 122 bcf to an injection of four bcf, with an average decrease of 48 bcf.
Those figures compare with an injection of 53 bcf during the same week last year and a five-year average increase of 13 bcf.
Following is a list of poll participants. All figures are in billion cubic feet:
Organization | Forecasts in bcf |
Baker & O'Brien | -133 |
Energy Aspects | -125 |
Tradition Energy | -125 |
Stone X Group Inc | -123 |
Price Futures Group | -122 |
Energy Ventures Analysis | -121 |
SMC Report | -121 |
Gelber & Associates | -120 |
Natural Gas Intelligence | -120 |
DTN | -119 |
Schneider Electric | -111 |
C H Guernsey | -50 |