【Jefferies-2025研报】每周天然气库存增加符合预期.pdfVIP

EquityResearch

USA|EnergyMay15,2025

WeeklyNaturalGasInventoryBuildIn-LineWith

Expectations

EIAL48naturalgasinventoriesbuilt110bcfWoWto2,255bcf,inlinewith

Bloombergsmedianestimateofa110bcfbuild.Totalgasstorageisnow~15%

belowlastyearslevel.

•EastRegionbuilt34bcfWoWto396bcf.Thiscomparesto482bcfforyear-agoweek.Storage

is~18%belowyearago.

•MidwestRegionbuilt26bcfWoWto480bcf.Thiscomparesto613bcfforyear-agoweek.

Storageis~22%belowyearago.

•MountainRegionbuilt5bcfWoWto185bcf.Thiscomparesto196bcfforyear-agoweek.

Storageis~6%belowyearago.

•PacificRegionbuilt5bcfWoWto237bcf.Thiscomparesto252bcfforyear-agoweek.Storage

is~6%belowyearago.

•SouthCentralRegionbuilt40bcfWoWto957bcf.Thiscomparesto1,097bcfforyear-ago

week.Storageis~13%belowyearago.

TheencloseddocumentgraphicallybreaksdownL48USandCanadiannaturalgasinventories,

naturalgasspreadsbyhub,LNGsend-outs,powerdemand,andinternationalgasstorage,while

comparingEIAdatatoweekly,quarterly,andyear-agolevels.

Exhibit1-L48NaturalGasInventoriesvs5-yrAverage

TotalL48

4,000

3,500

3,000

t

e

e

f

c2,500

i

b

u

c

n2,000

o

i

l

l

i

b

1,500

1,000

500