The U.S. Energy Information Administration reported a net 93-Bcf withdrawal from natural gas inventories in the Lower 48 during the week ended March 9 that was below market expectations and the five-year-average pull but well above the year-ago withdrawal.
The market consensus ahead of the report's release called for a 100-Bcf drawdown from stocks, against respective year-ago and five-year average withdrawals of 55 Bcf and 97 Bcf.
The pull brought total U.S. working gas supply to 1,532 Bcf, or 718 Bcf below the year-ago level and 296 Bcf below the five-year average storage level of 1,828 Bcf.
April natural gas futures were lower just ahead of the report's 10:30 a.m. ET release. Following the release, the contract held the negative side of the ledger and was seen last 4.9-cents lower at $2.682/MMBtu.
In the East, inventories were down 45 Bcf on the week at 314 Bcf, or 15.8% below the year-ago level. Storage levels in the Midwest were down 30 Bcf at 350 Bcf, or 37.5% below the year-ago level. In the Mountain region, storage levels were down 4 on the week at 93 Bcf, or 32.1% below the year-ago level, while in the Pacific region, storage levels were down 8 Bcf at 169 Bcf, or 16.7% below the year-ago level. In the South Central region, where storage levels were down 6 Bcf on the week, stocks are at a deficit of 37.9% to a year earlier.
Working gas stocks in the South Central region totaled 606 Bcf, with 186 Bcf in salt cavern facilities and with 420 Bcf in non-salt cavern facilities. Working gas stocks were down 3 Bcf in salt cavern facilities and down 3 Bcf in non-salt cavern facilities since the previous week.
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