The U.S. Energy Information Administration is expected to report that 64 billion cubic feet of gas were added to storage during the week ended Aug. 7, according to the average prediction of 17 analysts and traders in a Dow Jones Newswires survey. The storage estimate surpasses last year's 51-bcf build in storage and the five-year average injection, which was 42 bcf.
The EIA is scheduled to release its storage data Thursday at 10:30 a.m. EDT.
If the storage estimate is correct, inventories as of Aug. 7 will total 3.153 trillion cubic feet, 19.7% above the five-year average and 23.2% above last year's level.
Added: US gas demand is expected to decline 2.6% this year.