09:28 AM EDT, 08/23/2024 (MT Newswires) -- Gas for September delivery was last seen down US$0.03 to US$2.03 per million British thermal units, the lowest since Aug.6.

In its weekly report, the EIA said U.S. inventories of gas stored for winter use rose by 35-billion cubic feet last week, leaving stocks at 3.3-trillion cubic feet, 12.6% above the five-year average.

The "weekly storage inventory data point screens bearish versus expectations at 35 Bcf injection compared to the 25 Bcf consensus median expectation. The injection was less than the 5-year average of 41 Bcf but higher than last year's same week injection of 23 Bcf. We think next week's report could produce a 35-45 Bcf injection, which is near the ~40 Bcf seasonal normal level", RBC Capital Markets noted.

Long-term forecasts from the National Weather Service expect seasonal or cooler temperatures for upper Midwest and Great Lakes region over its eight to 14 day forecast, with the remainder of the country seeing warmer than seasonal temperatures.