The natural gas inventory report to be released at 10:30 a.m. ET on Feb. 15 by the U.S. Energy Information Administration is expected to show a storage withdrawal above both the year-ago and five-year-average levels.
Market analysts and experts surveyed are calling for a storage withdrawal for the week to Feb. 9 from 174 Bcf to 183 Bcf, with a consensus pegged at a 180-Bcf pull. The latest figure will compare to the 120-Bcf year-ago withdrawal and the 154-Bcf five-year average pull.
For the week ended Feb. 2, the EIA reported a net 119-Bcf was pulled from natural gas inventories in the Lower 48 that was a step up from the prior week and better than consensus estimates calling for a 115-Bcf drawdown. The figure was still below the year-ago and five-year average withdrawals of 142 Bcf and 151 Bcf.
The 119-Bcf pull brought total U.S. working gas supply to 2,078 Bcf, or 503 Bcf below the year-ago level and 393 Bcf below the five-year average storage level of 2,471 Bcf.
Weather is expected to have contributed to the anticipated ramp up in the storage withdrawal this week, as degree day data from the National Oceanic and Atmospheric Administration for the review week ended Feb. 10 shows heating degree days were 22.0% more than the same week last year and 0.5% more than normal for the period.
A withdrawal at consensus would drive the total working gas inventory to 1,898 Bcf, widening the year-on-year deficit to 563 Bcf and extending the year-on-five-year-average deficit to 419 Bcf.
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