The U.S. Energy Information Administration (EIA) today reported the U.S. natural gas stocks fell by a total of 73 billion cubic feet last week, right in the middle of an expected withdrawal range of 51 to 90 billion cubic feet. Natural gas futures prices were about 0.7% lower in advance of the EIA’s report at around $3.68 per thousand cubic feet, and rose fractionally immediately following the EIA report.
The EIA reported that U.S. working stocks of natural gas totaled 3.8 trillion cubic feet, about 168 billion cubic feet higher than the five-year average of 3.64 trillion cubic feet. Working gas in storage totaled 3.84 trillion cubic feet for the same period a year ago.
Withdrawals are normal for this time of year, but absent much colder weather, drawdowns of this size will have little impact on gas in storage or on prices. The only good news for producers is…
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