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US weekly gas storage withdrawal beats estimates at 134 Bcf

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US weekly gas storage withdrawal beats estimates at 134 Bcf

Storage operators withdrew a net 134 Bcf from natural gas inventories in the Lower 48 during the week ended Jan. 8, compared to a five-year-average withdrawal of 161 Bcf, the U.S. Energy Information Administration reported.

The pull, which beat the 123 Bcf forecast by an S&P Global Platts analyst survey, brought total working gas supply in the Lower 48 to 3,196 Bcf, or 126 Bcf above the year-ago level and 218 Bcf above the five-year average.

By region:

* In the East, storage levels slid 39 Bcf on the week at 726 Bcf, down 0.1% from a year ago.

* In the Midwest, stockpiles were down 44 Bcf at 879 Bcf, 2% higher than a year earlier.

* In the Mountain region, inventories fell 8 Bcf at 188 Bcf, 16% higher than a year ago.

* In the Pacific region, inventories declined 4 Bcf at 278 Bcf, 17% above the year-ago level.

* In the South Central region, inventories were down 37 Bcf at 1,126 Bcf, 4% above a year earlier. Of that total, 327 Bcf of gas was in salt cavern facilities and 799 Bcf was in non-salt-cavern facilities. Working gas stocks fell 1.8% in salt cavern facilities from the week before and were down 3.7% in non-salt-cavern facilities.

S&P Global Platts and S&P Global Market Intelligence are owned by S&P Global Inc.