The U.S. Energy Information Administration pegged the total amount of working natural gas in storage for the Lower 48 states at 3.92 Tcf as of October 31st, the traditional end of the injection season. This figure was slightly below the record-high value of 4.047 Tcf which was reached in November 2016. Net injections total 1.914 Tcf this injection season which is ~2% less than the five-year average and 23% below the near-record injections during the 2019 refill season (+2.571 Tcf). Inventories sharply climbed during the spring and summer before production scalebacks from a historic price fallout curbed output. Storage levels are back within the five-year range and only 176 Bcf above the five-year average for this time of year.
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