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Above normal injections into US storage have brought total inventory levels up from 12% below the five-year average in mid August to just 3.4% below in EIA data released yesterday.
- High US production and curtailed LNG exports have enabled an extra 20bcf per week of storage injections since the week ending Aug 19. The injection of 129bcf in the week to Sep 30 was the second largest weekly net injection in data back to 1993.
- Dry natural gas production has averaged record volumes of over 96bcf/d so far in 2022, up 4% from last year and up 2.2% from 2019 annual production.
- The increase in production has been driven by higher shale gas output. Dry natural gas production for the Haynesville was up 51% in September 2022 and Permian Basin production was up 40% from September 2019.
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