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47-Bcf withdrawal from Lower 48 natural gas storage meets expectations


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47-Bcf withdrawal from Lower 48 natural gas storage meets expectations

Storage operators drew a net 47 Bcf from natural gas inventories in the Lower 48 during the week to March 15, compared to a five-year-average draw of 56 Bcf, the U.S. Energy Information Administration reported.

The withdrawal, which came in close to S&P Global Platts analyst survey's 48 Bcf draw expectation, brought total Lower 48 working gas supply to 1,143 Bcf, or 315 Bcf below the year-ago level and 556 Bcf below the five-year average.

By region:

* In the East, inventories slid 17 Bcf on the week at 245 Bcf, 11% under a year ago.

* In the Midwest, storage levels fell 19 Bcf at 268 Bcf, down 16% from a year earlier.

* In the Mountain region, storage levels fell 4 Bcf at 62 Bcf, 31% under a year ago.

* In the Pacific region, inventories fell 6 Bcf at 96 Bcf, 43% under the year-ago level.

* In the South Central region, inventories fell 2 Bcf at 471 Bcf, 22% below the year before.

Of that total, 135 Bcf was in salt cavern facilities and 336 Bcf was in non-salt-cavern facilities. Working gas stocks rose 5% in salt cavern facilities from the previous week and were down 2.3% in non-salt-cavern facilities.

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