BAKU, Azerbaijan, May 10. US gas storage sites closed the 2022/23 heating season 43 percent full capacity, Trend reports citing the latest global gas market outlook from the International Energy Agency (IEA).
"The steep decline in natural gas demand depressed storage withdrawals in Europe and the United States over the 2022/23 winter season. Storage sites closed the heating season with inventory levels standing well above their five-year average. This is expected to reduce injection demand during the summer of 2023, easing market fundamentals," the IEA said.
At the same time, US storage sites were 80 percent full at the beginning of November, well aligned with their five-year average.
"Unseasonably mild weather conditions combined with a strong increase in domestic production reduced storage withdrawals. Net storage withdrawals stood almost 30 percent (or 15 bcm) below their five-year average during October 2022-March 2023, and met approximately 7 percent of US gas demand during this period," the report said.
Thus, US gas storage capacity in the 2022/23 heating season increased by 20 percent, or 12 bcm, compared to its five-year average.
Meanwhile, according to the IEA's forecast, in 2023, the US is expected to account for over half of the global LNG supply increase. At the same time, US dry gas production in the US is set to increase by about 2 percent in 2023.