Analysts Forecast 11-Bcf Drop in U.S. Natural-Gas Stockpiles

Analysts and traders expect government data scheduled for release Thursday to show a decline in U.S. natural-gas inventories.

The U.S. Energy Information Administration is expected to report that 11 billion cubic feet of gas were withdrawn from storage during the week ended April 5, according to the average prediction of 14 analysts and traders in a Dow Jones Newswires survey.

The EIA is scheduled to release its storage data Thursday at 10:30 a.m. EDT (1430 GMT).

The survey's median result was for a draw of 10 billion cubic feet, with a low estimate of a 21-bcf draw and a high of a 1-bcf draw. The storage estimate stands in contrast to the year-ago period and the five-year average change to stockpiles during this time of year. During last year's period, 11-bcf were added to storage, while an average of 15-bcf were added to storage for this week over the past five years.

If the storage estimate is correct, inventories as of April 5 will total 1.676 trillion cubic feet, about 3.6% below the five-year average and 32% below last year's level for the same week.